ANN ARBOR, MI-Gold's Gym will be providing the opportunity for locals to pump up and get fit, thanks to the inking of a 16,428-sf long-term deal signed at a former Michael's store at Oak Valley Centre.
The property, a freestanding building that is part of a shadow-anchored Target, is at 2715 Oak Valley Dr. Opening is scheduled for Q1 2006. According to Jeffrey Ambrose of Colliers International's Southfield office, the Oak Valley Centre location was far superior to similar locations he had showed the tenant.
"I basically showed them everything," says Ambrose, who represented both the tenant and the landlord, Oak Valley Center, LLC in Ann Arbor. "They looked at the demographics, they were perfect, and the deal worked out."
Ambrose tells GlobeSt.com that the transaction represents a new location for Gold's and "they're planning on being there for awhile." As of now, he adds, the location is under construction and build-out.
Though quoted and finalized lease rates were not obtainable by press time, sources in the area note that rates in the area can vary between $16 and $20 per sf on an annual basis. TIs were not included in this case, as the tenant is doing the build-out work, Ambrose adds. The deal represents Gold's Gym's first in Ann Arbor, and the eighth overall in the state.
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