An affiliate of Life Time Group Holdings sold its 150,000-square-foot building in Tredyffrin Township to a New York firm. Natalie Kostelni reported the $42 million transaction for the Philadelphia Business Journal.

Pan Am Equities bought the nearly 15-acre property, located off Swedesford Road at Old Eagle School Road.

The facility is often identified as a King of Prussia fitness center, owing to its proximity to Upper Merion Township. In fact, together with the King of Prussia Town Center and Village at Valley Forge, it has helped turn Swedesford Road into a highly desirable office submarket for tenants and investors alike.

Before opening the facility in June 2017, Life Time spent $30 million developing the resort-style Athletic fitness center.

This entity will continue to operate even after the sale is finalized.

Minnesota-based Life Time has been selling and leasing back its facilities throughout the country as part of its business plan. This became a bigger part of its strategy after the company went public earlier this month.

Life Time is also the owner of a 5.38-acre parcel at 750 East Swedesford Road, but this does not seem to be part of the sale.

Read more about the sale in the Philadelphia Business Journal.