IRVING, TX-Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County have completed the investment sale of a 45,000-square-foot LA Fitness facility in Irving. The LA Fitness had approximately eight years remaining on the NNN lease. The buyer, a public REIT, purchased the property for $12.2 million which equated to a 7.5 % capitalization rate.
“We were able to achieve an aggressive cap rate for the property due to the tremendous location within the desirable Las Colinas submarket and due to the strength of the tenant,” said Bennett. “In addition to freeway visibility, the property is surrounded by a diverse mix of retail, residential, hospitality and Fortune 500 companies.”
Located at 5550 N. MacArthur Blvd., the free-standing class A building was constructed in 2006 and sits on approximately 5 acres. The investor is planning to hold the property long term.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
