Net Leased 24 Hour Fitness Sale Arranged Date April 30, 2019
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased 24 Hour Fitness property located at 14111 Southwest Freeway in Sugar Land, Texas for $9,338,000.
The 47,991 square foot net lease 24 Hour Fitness building is strategically positioned along Interstate 69 (198,509 VPD) which leads to downtown Houston and numerous retailers and offices. The 24 Hour Fitness property is just north of Sugar Land Town Square. Sugar Land Town Square consists of office space, condominiums, retail stores, restaurants, and a hotel (Sugar Land’s City Hall and the corporate headquarters of Minute Maid, CVR Energy and the North American operations of the Cosentino Group). Retailers in the trade corridor consist of Target, Lowe’s, Whole Foods, Kroger and First Colony Mall (Dillard’s, Macy’s, Dick’s Sporting Goods, JCPenney, AMC, Apple). The property is also near CHI St. Luke’s Health–Sugar Land Hospital (100 beds) and Houston Methodist Sugar Land Hospital (305 Beds). Additionally, the property is adjacent a large UnitedHealthcare office. The subject property has a strong residual land value due to its frontage location along Interstate 69 and its close proximity to other high-rise offices.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Texas based private partnership. The buyer was a private investor in a 1031 tax exchange.
“Fitness based properties with proven operating histories continue to garner significant investor interest.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties with strong real estate fundamentals continue to be in demand with all investor classes.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $5 billion of single tenant net lease real estate transactions. From 2012-2018, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.comBack