Corporate Property Associates 14 is a public non-traded REIT and a member of the $2.5-billion W.P. Carey Group.
The facility previously was home to an AMC multiplex theater. It is being developed for Fitness Holdings Inc., a wholly owned subsidiary of Fitness Holdings Worldwise Inc. It is located in Regency Square, which sits along Regency Parkway, just south of Interstate 70. The facility will operate under the 24 Hour Fitness name.
Terms of the transaction call for the facility to be leased to Fitness Holdings under a 20-year triple-net lease.
"The St. Charles transaction demonstrates W.P. Carey's capabilities and depth of resources in developing creative financing solutions tailored to meet individual company needs," says Edward C. LaPuma, executive director at Carey.
Headquartered in Pleasanton, Ca., 24 Hour Fitness serves about 2.7 million members. There are 431 clubs worldwide, with 280 in the United States.
W.P. Carey & Co., founded in 1973, is the largest publicly traded limited liability company in the world and owns and manages more than 44 million sf of property in the United States and Europe.
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