Lifetime Fitness Puts Fort Washington Gym on the Market
Lifetime Fitness has put its Fort Washington club on the market just a month after the grand opening, writes Natalie Kostelni for Philadelphia Business Journal.
Lifetime’s two floor gym at 375 Commerce Drive in Fort Washington spans 115,668-square-feet and is reportedly priced at around $38 million. This roughly matches the cost of construction.
The sale is in keeping with the company’s overall business strategy of selling its facilities soon after completion. It has already sold around half of the 127 clubs in its portfolio and for now retains ownership of the rest.
“Depending on market conditions, we sell fairly soon after opening a facility,” said Tom Bergmann, Lifetime Fitness’s president.
A condition of the sale is that Lifetime receives a 20-year lease on the property with the option to extend. This will allow it to continue running its fitness operations on the premises.
According to material from Eastdil Secured which is marketing the property, “this offering provides the opportunity to acquire trophy, state-of-the-art health club real estate in a highly desirable location.“
Read more about Lifetime Fitness’s plans for Fort Washington gym at Philadelphia Business Journal by clicking here.
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