A 45,000-square-foot building housing an LA Fitness athletic club in Miami has changed hands for $15.4 million. The price equated to $343 per square foot. The S. Florida Business Chronicle reports the fitness club will stay, having recently signed a 15-year net lease that brings in $925,000 a year for the owner. That would equate to a 6% cap rate.
Ram Realty Advisors sold the building. Two Miami Beach investors attached to Lumer Real Estate acquired the building. Miami-based Ocean Bank provided the buyer a 10-year, $3.54 million mortgage.
It’s situated on a 5.3-acre site. The LA Fitness is located within Ram Realty’s Botanica mixed-use project, which includes apartments, a Walmart Supercenter and several smaller retailers.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.