Twin Cities LA Fitness Facility Sold For $13.9M
A 48,000-square-foot facility in St. Louis Park that houses an LA Fitness health club was recently sold for $13.85 million.
Real estate giant CBRE, which represented the seller, 7 & 41 Crossings LP, announced the deal on Tuesday. The seller is a local private investor and developer who had acquired the property, which once housed a Ford dealership, and retrofitted it to accommodate LA Fitness, Jim Leary, a senior vice president from CBRE’s Private Capital Group in Minneapolis, told Twin Cities Business.
The facility, which is located at 3555 South Highway 100, has now been sold to Orlando, Florida-based National Retail Properties, a real estate investment trust (REIT).
National Retail Properties’ portfolio includes properties throughout the country. The REIT targets single-tenant, standalone properties housing “credit-worthy retail brands with a long-term lease,” according to Leary. For example, it owns some Best Buy and Gander Mountain locations.
LA Fitness has occupied its current St. Louis Park facility since 2009, and it has 12 years remaining on its lease there, according to Leary, who has described the location as a “trophy quality investment property.”