SUMMERLIN, NV—Faris Lee Investments, a leading national retail advisory and investment sales firm has completed the $51 million sale of a freestanding, 145,000-square-foot, single-tenant retail property NNN-leased to Life Time Fitness in Summerlin, an affluent submarket of Las Vegas. This sale is the highest price paid for a single-tenant retail asset this year on a national basis.
Matthew Mousavi and Patrick Luther of Faris Lee represented the undisclosed buyer, as well as the institutional seller.
Life Time Fitness, a private high-end fitness center chain with 2014 revenues of $1.29 billion, recently signed a new 20-year absolute NNN corporate-guaranteed lease with scheduled rental increases during the term. The Summerlin facility is a top performer within the chain of more than 140 locations. The class A property features an expansive selection of premium amenities and services in a resort-like setting including indoor and outdoor swimming pools, basketball and racquet courts, personal training, group fitness programming, child care centers, cafes and spas. It also includes a multi-story parking structure.
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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.
