A 45,500-square-foot 24 Hour Fitness located in Highlands Ranch, has sold for $22.75 million, which equates to $500 per square foot.
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, represented both the seller and the buyer in the transaction.
“The recent extension that pushed the lease term to 17 years demonstrates the tenant’s strong commitment to the site and ensures long-term rental income for the new landlord,” commented Floyd Shaheen, senior associate in Marcus & Millichap’s Encino office. Shaheen secured the buyer, a private investor.
Mark Thiel, senior managing director investments in the firm’s San Diego office, represented the seller, ACRE Investment Company LLC. Skyler Cooper, regional manager in Denver, is Marcus & Millichap’s broker of record in Colorado.
Built in 2010 on 3.4 acres, the property is centrally located within Highlands Ranch, a 22,000-acre master-planned community 12 miles south of Denver. The population of Highlands Ranch is 96,000 and the median income within a five-mile radius of the 24 Hour Fitness is $129,164.
Photo courtesy of Marcus & Millichap
