Fitness Center Fetches Top Dollar

Following a two-decade leasing agreement, a Summerlin fitness facility was acquired for a record-breaking price.

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.

Life Time Fitness in Summerlin

Life Time Fitness in Summerlin

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.