“Miami LA Fitness Trades: $15.4M Deal”

"Miami LA Fitness Trades: $15.4M Deal"

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%.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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