As the Greater Las Vegas retail investment market gets into shape, it seems appropriate that a fitness facility has traded for top dollar. Life Time Fitness’location in Summerlin has fetched $51 million, the highest price paid anywhere in the country this year for a single-tenant retail asset.
Matthew Mousavi and Patrick Luther of Faris Lee Investments arranged the deal between an undisclosed buyer and seller for the 145,000-square-foot building. Life Time Fitness’ lease will keep it in Summerlin for at least another two decades.
The four-story building is located on a six-acre site at 10721 W. Charleston Blvd. Amenities include indoor and outdoor swimming pools, basketball and racquet courts, child care centers, spas and cafés. A multi-story parking structure is also part of the deal.
The four-year-old property is situated in an area with two million square feet of retail and three shopping centers including Canyon Pointe, Red Rock Casino & Resort and Downtown Summerlin. Also featuring around 500,000 square feet of office space, the area provides a strong customer base for the fitness center.