Search
 

Faris Completes $36M Sale of LA Fitness

LEXINGTON—The firm did audits of each property to show how the operators could increase net operating income and boosted the value by over $3 million.

By Brian J. Rogal | Updated on March 06, 2014

LEXINGTON—Faris Lee Investments, an Irvine, CA-based investment advisory firm that specializes in retail, has just completed the $36 million sale of a portfolio with three fitness outlets in Kentucky and one in Tennessee. The portfolio totals 186,052-square-feet with each location fully occupied by LA Fitness, a privately held fitness club chain. Faris Lee represented both the buyer, Arizona-based STORE Capital, a real estate investment trust, and the seller, a Kentucky-based private entity.

Faris Lee officials say they enhanced the portfolio’s value by legally separating one of the outlets from its retail center. In addition, Faris Lee did audits of each property to show how the operators could increase net operating income and boosted the value by over $3 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Downtown Denver MXD Building Trades

Downtown Denver MXD Building Trades

Adele Carter |

“Northland recognized the irreplaceable nature of this asset, which marks their entry into the Denver market."

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.