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9/30/15
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A 145k sf, single-tenant retail property in Summerlin, NV that is NNN-leased to Lifetime Fitness sold for $51 mil, or around $352/sf. We’re told this is the highest price paid for a single-tenant retail asset this year, on a national basis.
Built in 2011 and situated on six acres, the four-story property is located at 10721 W. Charleston Blvd in Summerlin, an affluent suburb of Las Vegas. It is strategically located along three hard corner intersections. Additionally, it is surrounded by 2 msf of retail property between three major shopping centers: Red Rock Casino & Resort, Downtown Summerlin Mall, and Canyon Pointe, as well as stabilized Class A office parks totaling more than 500k sf of space, providing the ideal daytime and resident population base for this high end club.
Life Time Fitness, a private high-end fitness center chain with 2014 revenues of $1.29 bil, recently signed a new 20-year absolute NNN corporate-guaranteed lease with scheduled rental increases during the term. The Summerlin facility is a top performer within the chain of more than 140 locations.
The Class A property features an expansive selection of premium amenities and services in a resort-like setting including indoor and outdoor swimming pools, basketball and racquet courts, personal training, group fitness programming, child care centers, cafes and spas. It also includes a multi-story parking structure.
Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the undisclosed buyer, as well as the institutional seller.
“We marketed Life Time Fitness as a unique, generational asset in a prime, irreplaceable location within Summerlin, the highest income submarket of Las Vegas and a highly affluent master-planned community,” said Mousavi. “We also highlighted the physical attributes of the building itself as well as the tenant’s extremely high membership numbers. The lease itself was well-suited for a wide range of investors and we received interest from institutional, private and offshore buyers.”
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