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Long Island Retail REIT Jumps Into Gym Business With 41,000-SF Build-to-Suit Deal

FORT WASHINGTON, PA-In the first of what may be at least three similar deals, Cedar Income Fund Ltd. agrees to purchase a seven-acre parcel off the Pennsylvania Turnpike and construct a build-to-suit health club for L.A. Fitness.

By Glen Thompson | Updated on December 07, 2001

FORT WASHINGTON, PA-Cedar Income Fund Ltd., a Port Washington, NY-based REIT specializing in retail properties, is branching out with a new deal for a 41,000-sf build-to-suit property that will be net leased to L.A. Fitness International LLC as a free-standing health club facility.

Cedar has agreed to purchase a seven-acre parcel located at a new slip-ramp exit off the Pennsylvania Turnpike at Fort Washington where it will build the $7.8 million gym. L.A. Fitness will net lease the building for 15 years with three additional five-year options. Final approvals for the project are expected within 30 to 60 days and delivery is slated for fourth quarter 2002.

Conshohocken, PA-based FameCo Real Estate Corp. represented Cedar Income in the acquisition of the purchase contract from L.A. Fitness and structured the net lease deal. L.A. Fitness acquired the land from South Brunswick Industrial Properties Ltd. and WFP Pennland Co. LP.

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