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W.P. Carey Acquires 15 Fitness Centers for $178M

NEW YORK CITY-Last month it was a $43-million investment in six Paris assisted-living facilities. Now, W.P. Carey has taken on a 15-property health club portfolio in the US. Seller Wellbridge will continue to occupy the assets under a single 20-year net lease.

By Glen Thompson | Updated on February 28, 2003

NEW YORK CITY-Locally based W.P. Carey has completed the acquisition and leaseback of a 15-property health club portfolio for $178 million. Denver-based Starmark Holdings LLC, which does business as Wellbridge and operates several fitness-center brands, will continue to occupy the assets under a sale-leaseback arrangement.

The fitness centers, which total 1.6 million sf, are located in Florida, Massachusetts, Minnesota and New Mexico. All 15 properties will be bound by a single 20-year triple net lease. They were purchased on behalf of W.P. Carey funds Corporate Property Associates 12 Inc., Corporate Property Associates 14 Inc. and Corporate Property Associates 15 Inc., all publicly held non-traded REITS.

W.P. Carey managing director Edward V. LaPuma tells GlobeSt.com that the buy not only furthers the company’s diversification strategy, it falls well within the comfort level that W.P. Carey seeks in building its portfolios.

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