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CARLSBAD, CA-24 Hour Fitness, the world’s largest privately owned and operated fitness center chain, has leased 85,000 sf of office and health club space for nearly $24 million. The fitness chain signed separate leases for the corporate office and fitness club. The 10-year lease for 50,000 sf of office space is valued at $11 million, while the 15-year lease for 35,000 sf of health club space is worth about $12.9 million. The fitness franchise will be the sole occupant of the building, which is being developed by Biltmore Holdings, an integrated commercial real estate development, acquisitions and management firm, and will reside on the southeast corner of Aviara Parkway and Palomar Airport Road. Biltmore expects the building will be completed by July 2006.Scottsdale, AZ-based Biltmore Holdings was represented by Roger Carlson, vice president and Lannie Allee, senior vice president of CB Richard Ellis. Carlson and Allee, along with Dave Hagglund, first vice president of CB Richard Ellis, also represented 24 Hour Fitness in this transaction. “[This property] has a very high visibility sight near the [McClellan-Palomar] airport,” Carlson tells Globest.com. “The office [market] is strong, most of Southern California is in pretty good shape right now, but San Diego may be in better shape than other Southern California regions.” Carlson also notes the City of Carlsbad and its planning and engineering staffs were helpful in the process and helped Biltmore with amending entitlements.It was not immediately known whether the fitness center will be an Active, Sport, Super-Sport or Ultra-Sport club, though 24 Hour Fitness’ website notes that facilities in the 35,000-sf range are usually Sport clubs.

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