The Boulder Group Closes Houston Retail Sale

The triple-net-leased asset traded for $9 million in a 1031 exchange.
24 Hour Fitness. Image courtesy of The Boulder Group

The Boulder Group has finalized the sale of a single-tenant, net-leased 24 Hour Fitness asset in Houston. A Texas-based partnership, represented by the brokers, sold the property to a private investor in a 1031 exchange, for $9 million. The tenant recently renewed its absolute triple net lease for an additional 10 years.

Located at 7300 W. Greens Rd., the 50,000-square-foot building is located just off Thomball Parkway and was renovated in 2018. It is positioned as an outparcel of Willowbrook Mall, a 1.5 million-square-foot retail center anchored by Dick’s Sporting Goods, Dillard’s, JCPenney, Macy’s, Nordstrom Rack, Sears and Apple. There are about 320,000 people living within 5 miles of the 24 Hour Fitness, with an average household income of more than $90,000, according to The Boulder Group.

The Boulder Group’s team consisted of President Randy Blankstein Partner Jimmy Goodman. Blankstein noted, in prepared remarks, that fitness-based properties with proven operating histories continue to garner the interest of investors. Recently, the same duo represented the seller of a 30,472-square-foot medical office building in Wichita, Kan.