July 23, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of a 45,500-square-foot 24 Hour Fitness located in Highlands Ranch, Colorado. The property sold for $22.75 million, which equates to $500 per square foot.
“The recent extension that pushed the lease term to 17 years demonstrates the tenant’s strong commitment to the site and ensures long-term rental income for the new landlord,” commented Floyd Shaheen, senior associate in Marcus & Millichap’s Encino office. Shaheen secured the buyer, a private investor. Mark Thiel, senior managing director investments in the firm’s San Diego office, represented the seller, ACRE Investment Company LLC. Skyler Cooper, regional manager in Denver, is Marcus & Millichap’s broker of record in Colorado.
Built in 2010 on 3.4 acres, the property is centrally located within Highlands Ranch, a 22,000-acre master-planned community 12 miles south of Denver. The population of Highlands Ranch is 96,000 and the median income within a five-mile radius of the 24 Hour Fitness is $129,164.