MIAMI—An LA Fitness in Stuart, FL has won the attention of investors. Realty Income Corporation snapped up the property from Jensen Beach Investors, LLC for $10.95 million.
Pointe Development Company, a Miami-based real estate development, management and investment firm whose president is Alan Sakowitz, developed the LA Fitness. Pointe hired CBRE to market the asset for sale and negotiate the transaction.
“In operation since 2010, this proven national health club tenant is strategically located to serve the growing commercial and residential areas of Stuart and Jensen Beach,” says Todd Weintraub, a senior associate with CBRE, who brokered the sale. Weintraub worked with CBRE first vice president Dave Donnellan on the transaction.
LA Fitness occupies a 45,000-square-foot freestanding that is the anchor for the Windemere Pointe retail development. When completed, Windemere Pointe will include up to 30,500 square feet of additional retail space to be developed on two adjacent parcels. Those two parcels were not included in the sale.
Pointe is currently developing the 17,000-square-foot parcel adjacent to the LA Fitness parcel. The property is located on Federal Highway, the major north-south retail corridor in the Stuart-Jensen Beach area, a half-mile south of the Treasure Coast Square Mall. Says Donnellan, “Investors continue to exhibit extremely strong demand for single-tenant, net-leased investments with quality tenants, particularly in cases such as this where the term of the lease is relatively long with structured rent increases.”