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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