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LA Fitness – Towson

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LA Fitness – Towson

435 York Road #300

Towson, MD, 21204

Price:
$13,960,000
Cap Rate:
7.50%
NOI:
$1,049,400
Rentable SQFT:
48,000
Year Built:
1992 / 2014
Type of Ownership:
Retail Condo
Status:
Available

Investment Highlights

  • Recent Extension – 15 Year Lease (Early Extension)
  • Industry Leading Tenant- #1 Revenue-Generating Health Club Company In The Industry (Non-Franchised)
  • Downtown Infill Project – Flagship Location Located in Towson Commons Mixed-Use Development

Marcus & Millichap is pleased to present this rare opportunity to purchase the LA Fitness retail condo located within Towson Commons, an infill mixed-use project in the high growth submarket of Towson (Baltimore MSA) MD. The offering is an approximate 48,000 – square foot state-of-the-art facility opened in 2014 which is part of a flagship mixed-use project including 120,000 square feet of multi-level retail space, an adjoining 230,000 square foot 10-story class A office building and a multi-level parking structure (862 stalls). LA Fitness recently extended their lease early offering the new owner 15 years of firm term which demonstrates the Tenant’s strong commitment to this location.

This 3-story retail destination and 10-story office building at York Road and Pennsylvania Avenue originally opened in 1992 and once housed the AMC movie theater, a Borders Books & Music, a craft gallery and several restaurants, and
included an 862-space parking garage. Purchased by the current owners in 2013; they completely rehabilitated and re-tenanted the project bringing in LA Fitness in as the anchor tenant for the project.

Towson Commons’ redevelopment is one of several development projects in Towson that will alter Towson’s landscape in the coming years. Along with the modernized Towson Commons, Towson Row and Towson Square are two other projects that all-together will completely transform a once largely vacant downtown district into a vibrant bustling community with retail, dining, office, residential and hotel space.

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    The information contained on this website is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from NNN Fitness and distribution to any other person or entity without the express written consent of NNN Fitness is strictly prohibited. This website provides summary, unverified information to prospective purchasers, and has been prepared to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. NNN Fitness has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. NNN Fitness has not made any investigation, and makes no representation or warranty, that the information on this website has not changed since it was originally prepared and posted. The information contained on this website has been obtained from sources we believe to be reliable; however, NNN Fitness has not verified, and will not verify, any of the information contained herein, nor has NNN Fitness conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

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For more information, please contact:

Mark Thiel

Senior Managing Director Investments

858-373-3206

Email & Bio »

Bryn Merrey

Broker of Record

License: 646476