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Message
LA Fitness sells property on Siegen Lane
Posted on 2/15/16 at 7:28 am
Posted on 2/15/16 at 7:28 am
8
Posted on 2/15/16 at 7:32 am to King of New Orleans
I didnt realize that was 5.7 acres.
That looks like a pretty good real estate investment by LA Fitness.
That looks like a pretty good real estate investment by LA Fitness.
Posted on 2/15/16 at 7:53 am to King of New Orleans
quote:
Closing already? If so, that didn't last long.
You make it seem like this was a loser for them. Unless that building cost nearly $9M, I think they're doing OK.
quote:
LA Fitness, which operates more than 500 health clubs across the U.S. and Canada, has sold its Siegen Lane location to a California-based investment group for $10.25 million.
Ardell Investment Co. of Newport Beach, California, bought the 5.7-acre site at 6474 Siegen Lane in a deal that was filed Wednesday with the East Baton Rouge Clerk of Court’s Office. The seller was Fitness International LLC, the parent firm of LA Fitness.
Fitness International bought the site in April 2014 for $1.3 million and built a 38,000-square-foot exercise center on the site.
Posted on 2/15/16 at 7:54 am to slackster
Are they going to keep the gym open?
Posted on 2/15/16 at 7:57 am to Gorilla Ball
Looks like Foxy's is taking some of their members.
Posted on 2/15/16 at 7:57 am to King of New Orleans
I'm sure it was an option or part of the plan the whole time to sell it to an investment firm.
Posted on 2/15/16 at 7:57 am to King of New Orleans
Instead of owning the building, now they will be leasing. Probably just needed to free up some debt.
Posted on 2/15/16 at 7:59 am to Gorilla Ball
quote:
Are they going to keep the gym open?
Yes. There's a better article on the deal on Business Report. Too lazy to search
Posted on 2/15/16 at 8:20 am to King of New Orleans
They took over the property from Bally's in Perkins Rowe. Why on earth would they need an enormous facility on Siegen?
Posted on 2/15/16 at 8:30 am to King of New Orleans
Don't understand the appeal of fitness clubs. Thinking about the thread on going back to live in the 50s, people in those days didn't need exercise clubs.
Posted on 2/15/16 at 8:41 am to nc14
quote:
Don't understand the appeal of fitness clubs. Thinking about the thread on going back to live in the 50s, people in those days didn't need exercise clubs.
Posted on 2/15/16 at 8:53 am to nc14
Yah and people that lived in the 50's had a better quality of life than we do today..
Posted on 2/15/16 at 9:01 am to Tayday
quote:
Yah and people that lived in the 50's had a better quality of life than we do today..
you are mistaken
Posted on 2/15/16 at 9:02 am to Tayday
quote:
people that lived in the 50's had a better quality of life than we do today
Agree
Posted on 2/15/16 at 9:10 am to King of New Orleans
I understood it was up for sale while under construction.
Posted on 2/15/16 at 9:16 am to slackster
quote:
LA Fitness, which operates more than 500 health clubs across the U.S. and Canada, has sold its Siegen Lane location to a California-based investment group for $10.25 million.
Ardell Investment Co. of Newport Beach, California, bought the 5.7-acre site at 6474 Siegen Lane in a deal that was filed Wednesday with the East Baton Rouge Clerk of Court’s Office. The seller was Fitness International LLC, the parent firm of LA Fitness.
Fitness International bought the site in April 2014 for $1.3 million and built a 38,000-square-foot exercise center on the site.
Paid: $1.3 million in 2014
Sold: $10.25 million in 2016
Even with the new building cost, that's a great flip in less than 2 years. I would have sold it too
This post was edited on 2/15/16 at 9:18 am
Posted on 2/15/16 at 9:21 am to Tigeralum2008
That is a typical transaction. Many if not most large retailers sell and lease. It keeps capital available and the buyer ends up with a good tenant and lease. Many Real Estate Investment Trusts are set up specially for this. I have stick in a couple because they can give a nice dividend.
So no. They are not closing-they are now leasing. Even Wal Mart does this in some areas.
So no. They are not closing-they are now leasing. Even Wal Mart does this in some areas.
Posted on 2/15/16 at 9:22 am to Tigeralum2008
quote:no shite. how is this anything other than a home run for LaF?
Paid: $1.3 million in 2014
Sold: $10.25 million in 2016
Even with the new building cost, that's a great flip in less than 2 years. I would have sold it too
This post was edited on 2/15/16 at 9:23 am
Posted on 2/15/16 at 9:32 am to Skin
Thx for reply just curious
Posted on 2/15/16 at 9:35 am to King of New Orleans
Linking the Advocate? Great way to make sure nobody can read it because of the 3,497 ads on each page.
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