Life Time Fitness Inc. has sold and leased back its year-old fitness center on the Platinum Mile in Harrison, Life Time Athletic Westchester, in a $64.5 million deal.
Life Time, based in suburban Minneapolis, in June closed on the sale of its 209,000-square-foot center on 24 acres at 1 Westchester Park Drive to Terraza 17 LLC. The San Diego buyer is an entity of Realty Income Corp., a company that serves as a source of capital for national and regional commercial tenants by acquiring and leasing back their properties.
Life Time”™s real estate arm, LTF Real Estate Co. Inc., in 2012 paid $12 million for the vacated 232,000-square-foot headquarters and distribution plant of The Journal News, part of the Gannett Co. Inc. newspaper chain. The 39-year-old building was demolished and replaced by the family fitness center.