FRISCO, TX—LA Fitness is the largest corporately operated sports club chain in North America and continues to open new clubs across the US and Canada. An LA Fitness location opened this past summer on a single-tenant net-leased site that anchors Frisco Market Center. This center is a 100-acre mixed-use development located on the northwest corner of Main Street and the Dallas North Tollway.
John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller with Venture Commercial Real Estate's investment sales team recently represented the owner, Hermansen Land Development Inc., in the sale of the single-tenant location. The company will maintain its lease on the 38,000-square-foot facility with five acres of land. The buyer, a private investor, was represented by Larry Golman with Golman & Associates, along with Mike Friedman of CBRE.
“This is a great location on the going-home corner of the Dallas North Tollway and Main Street at the epicenter of Frisco, Texas,” said Kirk Hermansen, partner at Hermansen Development, the developer for Frisco Market Center, tells GlobeSt.com. “Health clubs and grocery stores are great traffic-generating anchor tenants for shopping centers and LA Fitness is a fantastic facility for our community.”
Zikos and Cooper have represented LA Fitness in the Dallas-Fort Worth, Austin and San Antonio markets for 12 years, handling more than 50 leases and transactions on its behalf, including the build-to-suit lease at Frisco Market Center signed in 2014.
“Our intimate knowledge of their best-in-class operations gives us a unique ability to find buyers willing to pay a premium for properties where LA Fitness is a tenant,” said Zikos. “In fact, LA Fitness leases continue to trade at the lowest cap rates in the health and fitness category for STNL properties.”
FRISCO, TX—LA Fitness is the largest corporately operated sports club chain in North America and continues to open new clubs across the US and Canada. An LA Fitness location opened this past summer on a single-tenant net-leased site that anchors Frisco Market Center. This center is a 100-acre mixed-use development located on the northwest corner of Main Street and the Dallas North Tollway.
John Zikos, Jonathan Cooper, Christopher Gibbons and Don Miller with Venture Commercial Real Estate's investment sales team recently represented the owner, Hermansen Land Development Inc., in the sale of the single-tenant location. The company will maintain its lease on the 38,000-square-foot facility with five acres of land. The buyer, a private investor, was represented by Larry Golman with Golman & Associates, along with Mike Friedman of CBRE.
“This is a great location on the going-home corner of the Dallas North Tollway and Main Street at the epicenter of Frisco, Texas,” said Kirk Hermansen, partner at Hermansen Development, the developer for Frisco Market Center, tells GlobeSt.com. “Health clubs and grocery stores are great traffic-generating anchor tenants for shopping centers and LA Fitness is a fantastic facility for our community.”
Zikos and Cooper have represented LA Fitness in the Dallas-Fort Worth, Austin and San Antonio markets for 12 years, handling more than 50 leases and transactions on its behalf, including the build-to-suit lease at Frisco Market Center signed in 2014.
“Our intimate knowledge of their best-in-class operations gives us a unique ability to find buyers willing to pay a premium for properties where LA Fitness is a tenant,” said Zikos. “In fact, LA Fitness leases continue to trade at the lowest cap rates in the health and fitness category for STNL properties.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
