Investors Flock To LA Fitness-Anchored Centers

Written by on 04.09.13 in Retail - No comments

Van Dyke Commons, a 139,347-square-foot retail center in the Tampa submarket of Lutz, Florida, has traded for $30M.

iStar Financial sold the asset unencumbered to Prestige Properties & Development.

Built in 2007, the retail center is 100% leased and includes a 0.88-acre undeveloped outparcel. The retail center is anchored by LA Fitness, HomeGoods, and Golfsmith.

The HFF team representing the seller was led by senior managing director Brad Peterson and director analystKim Flores.

“As LA Fitness has ramped up its expansion plans in Florida through new development and conversion of former Lifestyle Family Fitness locations, we have seen more LA Fitness-anchored centers come to market,” Peterson tells GlobeSt.com. “Cap rates continue to fall on LA Fitness anchored centers, but they are still trading at a discount to grocery anchored centers with similar daily traffic patterns.”

Just last month it was announced that the Barnes & Noble at CityPlace in West Palm Beach, Florida will close and be replaced by an L.A. Fitness gym.  Could it be a sign of what’s in store for CityPlace?

 

Source:  GlobeSt.

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