Net Leased Texas 24 Hour Fitness Sale Arranged Date November 15, 2019
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant Texas net leased 24 Hour Fitness property located at 7300 W Greens Rd in Houston, Texas for $9,273,000.
The 50,000 square foot Texas net leased building is strategically positioned as an outparcel to Willowbrook Mall (1,510,000 SF) anchored by Dick’s Sporting Goods, Dillard’s, JCPenney, Macy’s, Nordstrom Rack, Sears and Apple. Other retailers in the trade corridor include Costco, Sam’s Club, Target, REI and Best Buy. The 24 Hour Fitness property is ideally located just off of Thomball Parkway (122,097 VPD). There are 320,739 people living within five miles of the property with an average household income of $92,360. 24 Hour Fitness recently renewed their lease for an additional ten years, demonstrating their commitment to the location. Additionally, the property was recently renovated in 2018. The lease is absolute triple net with zero landlord responsibilities.
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