Investors Acquire Lakeshore Athletic Club

Financing was provided by CIB Bank. Many of the individual investors were making 1031 Exchanges.

Meghan Rutledge, spokeswoman for Syndicated Equities, tells GlobeSt.com that the purchase price will not be disclosed. She says that Syndicated Equities will have nothing to do with the operation of the club, which will continue to be conducted by Lakeshore Management, the Chicago-based company that developed the facility.

"Lakeshore remains an owner," she explains to GlobeSt.com. "We just bought some of the equity." Published reports at the time of the club's opening valued the development at $26 million. Known as Lakeshore Athletic Club-Flatiron, it is located about eight miles from the center of Boulder and 17 miles from Downtown Denver.

Lakeshore Management designed the club to be a complete athletic resort. Lakeshore amenities include Waves Day Spa, Kidshore, a full-service restaurant and bar, as well as its own sports-apparel shop and a laundry service, features which are not often found at competing clubs.

"The acquisition of this prime property is a unique opportunity for our investors to own a one of a kind facility with a well established tenant," says Richard Kaplan, president of Syndicated Equities. "We look forward to many years of above market returns on investment."

Syndicated Equities specializes in identifying and evaluating credit-tenant, net-leased income properties to meet investor goals and 1031 Exchange guidelines. The firm offers a comprehensive inventory of freestanding properties nationwide, leased to investment-grade credit tenants, as well as Tenant In Common investment opportunities.

Lakeshore Management Group is a Chicago-based athletic club owner and operator with over 30 years of experience in health club development and management.