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.<\/p>\n
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.\u00a0 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\u2019s, 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\u2013Sugar 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.<\/p>\n
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.<\/p>\n
\u201cFitness based properties with proven operating histories continue to garner significant investor interest.\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cProperties with strong real estate fundamentals continue to be in demand with all investor classes.\u201d<\/p>\n