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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