The former Metro Athletic Club, which operated at 10251 N. 35th Ave. for more than 20 years, will be transformed into the Latch School in time for fall enrollment, Tyler Smith of Grubb & Ellis Co. in Phoenix tells GlobeSt.com. "One of the nice things about it is that all the racquetball courts can easily be converted into classrooms and there is a swimming pool on site and other amenities that an office building wouldn't have," Smith said.

Former owner DMB Associates closed the 24,226-sf health club in December 2000 to focus on upgrading the image of its other fitness club holdings. The building was on the market about 18 months when the Latch School tied up an $800,000 all-cash deal for the property.

The deal was a perfect match, said Smith. "It's a freestanding building so they're separated from other properties and they can use the amenities that are already in place," he said. The facility also gives the buyer a full gym and ample bathrooms for students. Remodeling some space into classrooms and offices is all that's needed to turn the building into a new school for physically and mentally challenged children.

Smith said the transaction also allowed DMB Properties to divest of a property that "didn't fit in the mix" of its upscale athletic facility holdings. The investment group owns three other upscale health clubs, Village at Gainey Ranch, in Scottsdale, Village at 46th Street and Camelback and the Arizona Athletic Club in Tempe. The chain is planning to open a fourth at DC Ranch in Scottsdale.

Smith and former Grubb & Ellis broker Randy Titzk, now with Hogan & Associates, represented DMB Properties in the transaction. The Latch School was represented by Les Fletcher with Coldwell Banker Commercial in Phoenix.

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New School Buys Old Health Club for $800,000

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