Ashforth Paradigm was launched earlier this year as a partnership between the Ashforth Co., a Stamford, CT-based real estate firm, and Paradigm Properties LLC, a Boston-based real estate investment and management firm. The real estate investment advisory firm caters to affluent individuals and family offices.

The two properties acquired by Ashforth Paradigm in Greater Boston are net leased through June 2015 to subsidiaries of Town Sports International, the largest fitness center owner in the Northeast. The Lexington Club is a 70,000-sf facility situated on a nine-acre parcel at the intersection of Route 128 and Route 225. The Franklin Club is a 30,000-sf facility situated on a nearly six-acre parcel just off Route 495 in Franklin.

Ashforth Paradigm says that each of the facilities has dominated the fitness club market in its area. During the past three years each club has increased revenues and membership significantly. "These investments have many compelling characteristics that make them such an attractive purchase, including very strong cash yields, an attractive basis, strong tenants and an excellent market position," says Kevin McCall, president of Ashforth Paradigm. He notes that the properties attracted an over-subscription of investor interest-within three weeks. The targeted private investor amount of nearly $4 million was raised from among 15 different investors.