Venture Commercial Real Estate’s Investment Sales team has completed the sale of a single-tenant net-leased LA Fitness that anchors Frisco Market Center, a 100-acre mixed use development located on the northwest corner of Main Street and the Dallas North Tollway in Frisco, Texas.
This LA Fitness location opened this past summer. The company will maintain its lease on the 38,000 square-foot facility with five acres of land. LA Fitness is the largest corporately operated sports club chain in North America and continues to open new clubs across the U.S. and Canada.
John Zikos, Jonathan Cooper, Christopher M. Gibbons and Don Miller with Venture’s Investment Sales team represented the owner, Hermansen Land Development, Inc. in the sale.
Zikos and Cooper have represented LA Fitness in the Dallas-Fort Worth, Austin and San Antonio markets for 12 years, handling more than 50 leases and transactions on their behalf, including the build-to-suit lease at Frisco Market Center signed in 2014.
“Our intimate knowledge of their best-in-class operations gives us a unique ability to find buyers willing to pay a premium for properties where LA Fitness is a tenant,” said Zikos. “In fact, LA Fitness leases continue to trade at the lowest cap rates in the health and fitness category for STNL properties.”
The buyer, a private investor, was represented by Larry E. Golman with Golman & Associates, along with Mike Friedman of CBRE.
About Venture Commercial
Venture Commercial Real Estate is a leader in retail brokerage services throughout the Southwest and is dedicated to each client’s success. The company’s full-service real estate platform includes landlord and tenant representation, property management, land sales, disposition and investment sales. Venture also provides strategic market planning and site selection for restaurant and entertainment clients through its Venturetainment team. Venture is the D-FW partner of X Team International, a network of retail real estate advisors with expertise across the U.S., Canada and Europe. For more information, visit venturedfw.com.