The buy is one of four or five that will focus on the Dallas-Ft. Worth suburban market, Jeff Kittleson, vice president of retail for Dallas-based Trammell Crow Co., tells GlobeSt.com. The growth plan encompasses the next two to three years.
Last year's buyout of the three-location Fitness Factory has positioned 24 Hour Fitness in Dallas' Downtown so the target market going forward are the suburban cities, he says. Come August, a 50,000-sf center will open at Central Expressway and Royal Lane in North Dallas.
The Allen location, bought from Titus Properties LLC, will house an estimated 35,000-sf fitness center that will break ground by year's end. 24 Hour Fitness has 435 clubs in the US, Asia and Europe and more than 24 in the DFW market. Its first club opened in 1983 in San Leandro, CA and had been just 5,000 sf. Today, regular workout clubs are 25,000 sf and under while its Sports Club venue ranges from 25,000 sf to 50,000 sf.
Greg McDonald, executive vice president of Dallas-based Weitzman Group's investment properties division, has represented the seller, Twin Creeks Village LP. 24 Hour Fitness' broker at the time of the talks had been Ron White of Concordia Equity LC.
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