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9/30/21
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A new 47k sf, single-tenant net lease investment occupied by LA Fitness Signature Club at the Waterview Town Center in Richmond, TX, was purchased by a TX-based private partnership. Although the purchase price could not be disclosed, we’re told the sale achieved a cap rate of 6.60%, with less than a full primary lease term.
The new construction, LA Fitness building is located on 4.93 acres at 19409 W. Bellfort St, near the intersection of Waterview Meadow Drive and W. Bellfort Street in Richmond, just off Highway 99. The LA Fitness is highly visible from Hwy 99, the main north-south thoroughfare, which has over 50,000 cars per day.
LA Fitness is located within the brand-new Waterview Town Center with approximately 525k sf of retail. Co-tenants include Academy Sports, At Home, 7-Eleven, Quick Quack Car Wash, Valvoline, Chick-fil-A, Chipotle Mexican Grill, Texas Roadhouse, Whataburger, and more. A newly completed 850k sf Amazon distribution center is located across the street from LA Fitness.
A new 300-unit residential development, Synergy at Waterview, is slated to open in the first quarter of 2022 directly behind the LA Fitness building. The property is adjacent to Aliana, Houston’s second top-selling master-planned community including Aliana (4,000 homes), Harvest Green (2,000 homes), Fieldstone (1,500 homes), and many more.
Austin Blodgett with RealSource Group, along with ParaSell Inc, represented the buyer and the seller in the deal. According to Blodgett, the listing generated multiple offers within one week of formally marketing the property.
“This is the first single-tenant LA Fitness property to go to market and sell post-COVID,” noted Blodgett. “The last single-tenant LA Fitness to trade sold over 18 months ago in February 2020 in Hayward, California, at a cap rate of 6.62%.”
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