East Coast joint venture completes first deals

Ashforth Paradigm Capital Advisors (APCA) acquired Boston Sports Club facilities in Lexington and Franklin, Mass., as the company's first investments.

The total value of the transactions was $10.3 million.

The two properties acquired by APCA in suburban Boston are net leased through June 2015 to subsidiaries of Town Sports International, a fitness center owner in the northeastern United States. The Lexington Club is a 70,000-square-foot facility situated on a 9-acre parcel at the intersection of Route 128 and Route 225 in Lexington, Mass. The Franklin Club is a 30,000-square-foot facility situated on a 5.75-acre parcel just off Route 495 in Franklin, Mass.

APCA was launched earlier this year as a partnership between The Ashforth Co., a Stamford, Conn.-based diversified real estate firm, and Paradigm Properties LLC, a Boston-based real estate investment and management firm.

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