 |
 |
|
Wednesday, September 8, 2010 |
976 properties online |
LOG IN
|
|
|
|
|
Lifestyle Family Fitness
|
Make Offer
|
|
|
Featured Property
|
|
|
Property Type
|
Retail
|
|
State
|
IN
|
|
Sale price
|
$ 7,400,000
|
|
Cap Rate
|
9.50%
|
|
Lease Term (Years)
|
15.00
|
|
Lease Type
|
NN
|
|
Landlord Responsibilities
|
|
|
Guarantor
|
Lifestyle Family Fitness, Inc.
|
|
Credit Rating
|
Non Rated
|
|
Net Worth
|
Confidential
|
|
Tenant Mix
|
Single Tenant
|
|
Tenant Number
|
|
|
Tenant Information
|
Lifestyle Family Fitness opened the doors to its first health club in Lakeland, FL in 1982, with a single focus in mind: Provide a fun and friendly experience for each and every member. By 1999, the company had grown to seven health clubs throughout west Central Florida. And it didn’t stop there. As the word spread, increasing demand meant growth was on the horizon. In 2001, Lifestyle Family Fitness founder, Australian-born Geoffrey Dyer, accelerated the company’s expansion through an alliance with Quantum Capital Partners Inc, Ballast Point Ventures - an affiliate of Raymond James Financial and The Burton Partnership. And, in a move to better service the health club customer, the company pioneered the “No Long-Term Contract” policy. This means members enroll on a month-by-month basis only – with no long-term contract ever at any of our LFF health clubs. In addition, new members receive three free introductory personal training sessions, plus a locker-full of health club services and benefits. Lifestyle Family Fitness health clubs feature amenities such as state-of-the-art cardiovascular and strength-training equipment, a variety of group fitness classes for levels ranging from beginners, returning workout enthusiasts, to seasoned fitness veterans, indoor cycling studios, personal training with top-of –their-game-professionals, clean, sanitary locker rooms, tanning booths and a worry-free Kids' Club staffed with trained LFF personnel.
Today Lifestyle Family Fitness owns and operates 55 health clubs throughout the Southeast, Midwest, and Mid-Atlantic with aggressive growth planned throughout the next five years. According to the International Health, Racquet and Sportsclub Association (IHRSA) Lifestyle Family Fitness is one of the top 20 fastest growing health club companies in the world. It is your exclusive health club.
|
|
Tenant Web Site
|
|
|
Ticker Symbol
|
|
|
NOI
|
$ 703,000.00
|
|
Rent Adjustments
|
Years 1-5: $703,000
Years 6-10: $777,000
Years 11-15: $851,000
|
|
Percentage Rent
|
N/A
|
|
Lease Renewal Options
|
Four 5-year options at $925,000, $999,000, $1,073,000 and $1,147,000.
|
|
Lease Term (Years)
|
15.0
|
|
Price per Square Foot
|
$ 200.00
|
|
Rent per Square Foot
|
$ 19.00
|
|
Property Status
|
Available
|
|
Lease Commencement
|
June 2008
|
|
Rent Commencement
|
June 2008
|
|
Notes on Lease
|
Incredible Buy! Owner reduced price to $7,400,000 @ 9.50% Cap Rate. Rent Commenced June 1, 2008 and Lifestyle opened for business July 1, 2008.
Net, Net, Lease. Landlord shall maintain the roof, foundation, structure and landscaping (please see lease for details).
|
|
Square Feet
|
37,000
|
|
Land Area
|
3.77 Acres
|
|
Year Built
|
2008
|
|
Year Rennovated
|
|
|
Existing Financing
|
No
|
|
Loan Amount
|
|
|
Loan Term
|
|
|
Loan Rate
|
|
|
Balloon
|
|
|
Equity
|
|
|
Loan Assumption Fee
|
|
|
Loan Prepayment Fee
|
|
|
Cash on Cash
|
|
|
Debt Notes
|
|
You are currently viewing the Upland listings as a member of the general public.
You are invited to request a password that will
enable you to obtain more detailed information about our properties.
|
Upland User Beta 7.0
Upland Net Lease Sales, LLC.
50 South 6th Street, Suite 1418
Minneapolis, Minnesota 55402
Voice: 612.332.6600 - Fax: 612.376.4489 - Email:
info@upland.com
Toll Free: 888-655-1031
Web site designed and maintained by Internet Consultants
|
|
|
|
|