BROOMFIELD, CO-It’s only been open since early November, but the largest privately owned athletic club in the metro area already has been sold. Chicago-based Syndicated Equities Corp., in partnership with the Kaiser Family/Lakeshore Management Group, and a group of investors (many 1031 Exchange candidates) from Syndicated Equities’ Multi-Owner Opportunity Fund, have purchased the 150,000-sf Lakeshore Athletic Club facility which is located in this city along US 36 in the Northwest corridor.

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.

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.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

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.