Cushman & Wakefield announced today that Fenix Development purchased the land occupied by LA Fitness, located at 13220 N. Scottsdale Road in Scottsdale, Ariz., from Bayport Scottsdale Road Associates, LP for $9.85 million. The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented the buyer in the transaction.
Making headway in the Phoenix area, Fenix Development is the developer of the Watermark | Tempe, a mixed use project on the north side of Tempe Town Lake, and also recently acquired two Cigna medical buildings in the greater Phoenix metropolitan area.
As a successful leader in the fitness industry for over 30 years, LA Fitness sits on the 6.47 acres sold in the prestigious North Scottsdale submarket. The property is located just south of Scottsdale Quarter and Kierland Commons, both of which offer high-end retail shopping and dining options. To the north, Scottsdale Airpark is the largest employment corridor in Scottsdale and includes over 50,000 employees.
“The site is strategically located in an upscale, high barrier to entry retail trade area. The oversized lot gives Fenix Development a large parcel of prime real estate and opens the door to the possibility of future redevelopment,” said Mike Sutton, Senior Vice President.
The property was 100% leased at the time of sale by a single-tenant on an absolute triple-net lease. The buyer plans a long term investment with no foreseeable changes and LA Fitness will continue to lease the property.