text: Lee and Associates Negotiates Sale of LA Fitness Property | GlobeSt
  Lee and Associates Negotiates Sale of LA Fitness Property
  IRVING, TX-The 45,000 square foot property on Mac Arthur Blvd., sells for $12.2 million.
  By David Phillips | June 10, 2013 at 10:50 AM
  IRVING, TX-Ryan Barr and Ryan Bennett of Lee & Associates-North San Diego County have completed the investment sale of a 45,000-square-foot LA Fitness facility in Irving. The LA Fitness had approximately eight years remaining on the NNN lease. The buyer, a public REIT, purchased the property for $12.2 million which equated to a 7.5 % capitalization rate.
  "We were able to achieve an aggressive cap rate for the property due to the tremendous location within the desirable Las Colinas submarket and due to the strength of the tenant," said Bennett. "In addition to freeway visibility, the property is surrounded by a diverse mix of retail, residential, hospitality and Fortune 500 companies."