The state-of-the-art facility will begin construction in the fourth quarter and feature swimming pools, rock climbing walls, athletic leagues, group fitness and child-care areas as well as a full-service spa and cafe. The sale closes just as the fitness operator is getting ready for a grand opening of a center in Tempe, its first location in the metro area.
Life Time Fitness has 26 similarly equipped fitness centers in Minnesota. Its target markets are Arizona, Illinois, Michigan, Ohio, Indiana and Washington, DC.
Dave Cheatham and Darren Pitts, the Phoenix-based CB Richard Ellis Inc. team, represented the buyer in the transaction. The seller, GTC II LLC of Phoenix, was self-represented.
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