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Cushman & Wakefield Represents Buyer in Land Transaction

PHOENIX, Nov. 21, 2016 – Cushman & Wakefield announced today that Fenix Development purchased the land occupied by LA Fitness, located at 13220 N. Scottsdale Road in Scottsdale, Ariz., from Bayport Scottsdale Road Associates, LP for $9.85 million. The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented the buyer in the transaction.

Making headway in the Phoenix area, Fenix Development is the developer of the Watermark | Tempe, a mixed use project on the north side of Tempe Town Lake, and also recently acquired two Cigna medical buildings in the greater Phoenix metropolitan area.

As a successful leader in the fitness industry for over 30 years, LA Fitness sits on the 6.47 acres sold in the prestigious North Scottsdale submarket. The property is located just south of Scottsdale Quarter and Kierland Commons, both of which offer high-end retail shopping and dining options. To the north, Scottsdale Airpark is the largest employment corridor in Scottsdale and includes over 50,000 employees.

“The site is strategically located in an upscale, high barrier to entry retail trade area. The oversized lot gives Fenix Development a large parcel of prime real estate and opens the door to the possibility of future redevelopment,” said Mike Sutton, Senior Vice President.

The property was 100% leased at the time of sale by a single-tenant on an absolute triple-net lease. The buyer plans a long term investment with no foreseeable changes and LA Fitness will continue to lease the property.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.