Developer Barclay Group has sold a portfolio of seven commercial properties to a publicly traded REIT for approximately $94 million. Five of the assets, all of which will be single-tenant EoS Fitness locations, are situated in Arizona, with the remaining two located in Florida.
All of the properties have 15-year, corporate-guaranteed, triple net leases in place with scheduled rent increases. In a statement, SRS Senior Vice President & Market Leader Tyler McRae, one of EoS’ leasing representatives in the deal, said that the firm worked with the tenant to select the sites for four years.
Two Fort Lauderdale, Fla.-based members of SRS Real Estate Partners’ capital markets team, Vice President & Market Leader Patrick Nutt and Senior Vice President William Wamble, represented the seller. McRae, alongside Phoenix-based Echelon Realty Advisors were responsible for leasing the assets on behalf of EoS Fitness. Nutt, in prepared remarks, said that the deal shows that there is institutional interest in the fitness retail sector.
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