JLL Capital Markets facilitates ownership change of 24 Hour Fitness – Spring

HOUSTON, Oct. 1, 2024 – JLL Capital Markets announced today that it has arranged the sale of 24 Hour Fitness – Spring, a fee-simple interest single tenant retail property in Spring, Texas.

JLL worked on behalf of the seller, in procuring the buyer, Silvestri Investments.

Situated at 1000 Lake Plaza Dr., 24 Hour Fitness - The asset is located in City Place, a fully integrated, mixed-used development containing 14M SF of commercial office, including Exxon’s Global Headquarters. This standalone retail asset benefits from its convenient positioning off I-45, providing ease of access to various hotels, major employers, as well as multi-housing complexes. With a 55% population increase from 2010 to 2023 within a 1-mile radius and a significant daytime population of nearly 50,000 within a three-mile radius, this location offers excellent growth potential and a robust customer base.

Spring, Texas is a five-mile drive to the Woodlands, which was rated the #1 Best City to Buy a House and #3 Best City to Live in the U.S. in 2023. The Woodlands is a highly successful master-planned community located north of Houston, known for its exceptional quality of life. Since its inception in 1974, The Woodlands has evolved into one of the nation's most desirable 24/7 suburbs, offering diverse employment opportunities and attractive amenities.

The 38,000-square-foot retail building is located on 2.29-acres and was built in 2019. Occupied in its entirety by a prominent fitness brand, 24 Hour Fitness is witnessing significant growth in its membership base. The gym offers exclusive amenities including a pool area, basketball court and state-of-the-art equipment, as well as access to a wide range of group fitness classes, further enhancing their fitness journey.

JLL Capital Market’s Investment and Sales Advisory team representing seller was led by Senior Managing Director Ryan West, Senior Director John Indelli, Director Alex Geanakos, Director Nick Franklin and Analysts Gianna New and Torri Rosene.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Silvestri Investments is a privately held real estate investment firm focused on property investments in the greater Houston, Texas and Orlando, Florida areas. With assets across various property types and investment structures, Silvestri Investments has built a portfolio managed on behalf of the Silvestri family. The firm's expertise encompasses the full risk spectrum of real estate investments.