Limestone Buys L.A. Fitness in Doral, Fla., for $14M

Limestone Asset Management paid $13.6 million for an L.A. Fitness location in Doral, Fla., the Miami-based investor announced.

The 37,500-square-foot building sits on 2.3 acres at 10055 Northwest 41 Street, just east of Northwest 102nd Avenue. 

SEE ALSO: Neutraderm Buys San Fernando Valley Facility for $21M

L.A. Fitness moved into the single-tenant property in 2001, right after it was completed. The Irvine, Calif.-based gym chain renewed its lease in 2016, which runs until 2031, according to filings to Miami-Dade County. The deal offers three consecutive five-year renewal options. 

The seller, an Aventura-based entity managed by Alex Kurkin, purchased the complex for $9.8 million in 2014, according to property records. 

In the recent transaction, Kevin Sanz, president of Orion Real Estate Group, represented the buyer, while JLL’s Alex Sharrin, who did not immediately respond to a request for comment, represented the seller.

Limestone was founded in 2010 by Ibrahim Al-Rashid, the son of Saudi billionaire Nasser Ibrahim Al-Rashid, and specializes in retail real estate. 

In another L.A. Fitness transaction, Maven Real Estate purchased a 56,904-square-foot fitness center in Pompano Beach for $18.8 million in April, according to South Florida Business Journal. 

Julia Echikson can be reached at jechikson@commercialobserver.com.