Minneapolis sports club deal tops $12 million
Tenant recently signed long-term lease
By Inman News, Friday, September 21, 2007.LA Fitness Sports Club, a 45,050-square-foot fitness center in Apple Valley, Minn., has sold for $12.3 million.
Neither the seller's nor the buyer's identity was disclosed.
Located at 151st Street and Galaxie Avenue, the property sits in front of Apple Valley Ford and is adjacent to CVS, AutoMax, Kohl's and Michael's. LA Fitness has signed a 15-year, double-net lease that commenced in mid-June. The lease also contains three five-year options to extend.
The sales price of $12.3 million represents a price of $273 per square foot.
LA Fitness currently operates approximately 179 locations across the country and is headquartered in Irvine, Calif.
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