A 45,000-square-foot property in Miami has been sold for $15.4 million and will continue to house an LA Fitness athletic club. The sale equates to a price of $343 per square foot and was facilitated by Ram Realty Advisors. The new owners, two investors from Miami Beach associated with Lumer Real Estate, secured a 10-year mortgage worth $3.54 million from Ocean Bank.
The building is situated on a 5.3-acre site within Ram Realty’s Botanica mixed-use development that includes apartments, a Walmart Supercenter, and various smaller retailers. According to reports from the S.Florida Business Chronicle, the fitness club recently signed a long-term net lease generating an annual income of $925,000 for the owner at an attractive cap rate of 6%.
