Mid-America Real Estate Corporation’s Investment Sales Group recently brokered the sale of LA Fitness in the affluent Chicago suburb of Westmont at the high traffic intersection of 63rd St and Cass Ave. The 47,000-square-foot new gym provides a long-term and accretive investment with a brand new 15-year lease term with rent escalations every five years.
Since 2013, LA Fitness has claimed the top spot as the largest non-franchised fitness club operator in the U.S. with more than 700 locations. LA Fitness was sold to a 1031 Trade Buyer. Mid-America Real Estate Corporation Principal Joe Girardi and Vice President Matt McParland were the exclusive brokers in the transaction on behalf of Kensington Development and IM Properties Plc.
About Mid-America Real Estate
Mid-America Real Estate is the largest regional retail property services firm in the Midwest. The organization’s exclusive focus on retail real estate, combined with cutting-edge technology and unsurpassed service, distinguishes Mid-America within the industry and provides clients with a competitive edge. The company manages and leases 42 million square feet of retail space, and represents over 270 retailers. Mid-America’s Investment Sales Group represents clients in the sale of retail properties throughout the greater Midwest region. The Investment Sales Group’s strategic approach combines outstanding national exposure with the best local knowledge, resulting in the successful disposition of over $12.15 billion to date. For more information, visit www.midamericagrp.com.
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