WASHINGTON, D.C. – June 12, 2013 – (RealEstateRama) — Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County have completed the investment sale of a 45,000-square-foot LA Fitness facility in Irving, Texas. The LA Fitness had approximately eight years remaining on the NNN lease. The buyer, a public REIT, purchased the property for $12.2 million which equated to a 7.5 percent capitalization rate.
“We were able to achieve an aggressive cap rate for the property due to the tremendous location within the desirable Las Colinas submarket and due to the strength of the tenant,” said Bennett. “In addition to freeway visibility, the property is surrounded by a diverse mix of retail, residential, hospitality and Fortune 500 companies.”
Located at 5550 N. MacArthur Blvd., the free-standing Class A building was constructed in 2006 and sits on approximately 5 acres. The investor is planning to hold the property long term.
Barr & Bennett Net Leased Investments represented both the buyer and seller in this transaction and specialize in the acquisition/disposition of single tenant net leased assets nationwide.
About Lee & Associates
Celebrating 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 48 locations across the nation including California, Arizona, Georgia, Idaho, Illinois, Indianapolis, Kansas, Maryland, Michigan, Missouri, New Jersey, Nevada, South Carolina, Texas and Wisconsin. With a roster of more than 750 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.