An LA Fitness in Fort Washington was among the sales last year that helped propel CBRE to nearly $329 million in net-lease deals for 2019, writes Natalie Kostelni for the Philadelphia Business Journal.

The 41,000-square-foot facility at 1175 Virginia Drive sold to Dallas-based investor Spirit Realty LP for $9 million. The fitness center has been at this location for the last sixteen years and had already extended its lease for another 10 years before the sale was finalized.

Overall, out of $329 million, the Philadelphia region saw fourteen deals last year totaling $139 million. This is 31 percent higher that what was achieved in 2018 for the firm’s Philadelphia office and is also consistent with national trends.

“The volume increased as the year went on,” said Matthew Gorman of CBRE. “Part of that was tied to the interest rate market and where it was trending and the cost of debt.”

Net-lease properties are those leased to a single tenant on a long-term basis and are often in free-standing buildings. These are also attractive for anyone searching for a passive investment that could generate a consistent return.

Read more about the sales at the Philadelphia Business Journal by clicking here.