VOL. 126 | NO. 206 | Friday, October 21, 2011
Former C’ville Fitness Center Sells For $2.7M
By Sarah Baker
Memphis-based Hackmeyer Properties has bought the former Prairie Life Fitness Center at 3690 S. Houston Levee Road in Collierville from Prairie Life Fitness LLC for $2.7 million and is leasing the 57,264-square-foot facility to a new fitness company.
The purchase was financed with a $2.7 million loan through The Metropolitan Bank that matures in October 2018.
Built in 2004, the recreational health center sits on 6.7 acres on the north side of East Winchester Boulevard east of South Houston Levee Road in Ironwood Planned Development.
The Shelby County Assessor of Property, which uses the address 3640 S. Houston Levee Road for the site, appraised it in 2011 at $5 million.
Omaha, Neb.-based Prairie Life Fitness Center closed its Collierville location without warning in April 2010. It has one remaining Tennessee center in Franklin. All its other holdings are out of state, including five centers in Nebraska, two in Kansas and one in Iowa.
The sale was contingent on a new lease and all equipment remaining inside the facility. John Trezevant and Tom Marsh with Trezevant Realty Corp. represented Prairie Life in the disposition of the property and facilitated the lease.
Tanis Hackmeyer’s company, Hackmeyer Realty, represented Hackmeyer Properties in acquisition and lease negotiations. She is also a managing partner of Hackmeyer Properties.
Hackmeyer said the facility includes a pool, basketball court, tanning beds, massage rooms, office space, a lounge area, and men’s and women’s locker rooms, saunas and whirlpools.
“It’s pretty much ready to move in right now, but they are going to slightly modify it.” Hackmeyer said. “It’s got all the equipment in place.”
The name of the new club will be Omni Health & Fitness, whose parent company, Pro-Fit Management Inc., is based in Evans, Ga. Pro-Fit owns several health clubs around the U.S.
Greg Moseley and Bill Smith, co-owners of Pro-Fit, were represented by Frank Mullins of Evans, Ga.-based Mullins Land Co.
“Typically, if we take over a facility like this, we’ll go in and spend $300,000 to $500,000 in improvements depending on the facility, up-fitting it and getting it to look like our product,” Moseley said. “We’ll add to the equipment as well.”
Omni will be a full-service facility that offers personal training and classes for yoga, pilates, cardio and spinning, Moseley said, calling the new model “a first-class facility at an economical price.” For the first 300 enrollees, prices will start from $10 to $29 a month.
Starting Nov. 1, a full-time staff member will “man the site,” Moseley said, to enlist new members and answer questions. The goal is to have Omni operational by Jan. 1.
And this won’t be the last the Memphis area will see of the Omni brand.
“When we come into a market of that size, we will put one or two more stores, depending on what we feel the market will bear,” Moseley said. “We will basically develop the area out.”
• In other commercial leasing news, Village of Sycamore Ridge – a 114-unit apartment community in Bartlett – has traded hands for $3.4 million.
Blake Pera and Tommy Bronson III with CB Richard Ellis Memphis’ multifamily division represented the seller, Chicago-based TVO Sycamore LLC, in the sale to Property Asset Management of Utah.
“The property offers great upside for the buyer, and we are excited to see the property’s transformation in the coming weeks,” Pera said in a statement.
Village of Sycamore Ridge, 1945 Everetts Folly St., is located between Summer Avenue and Raleigh LaGrange Road. Its visibility on Sycamore View Road and immediate access to Interstate 240 give the complex daily traffic counts of more than 35,000, according to CBRE.
The Shelby County Assessor of Property, which uses the address 1945 Sycamore View Road for the site, appraised it in 2011 at $1.9 million. Built in 1977, the Class C investment grade apartment complex spans 148,852 square feet.
Village of Sycamore Ridge has some of the largest floor plans in the submarket, according to CBRE, with unit sizes ranging from 1,010 to 1,600 square feet and averaging 1,303 square feet.
The property’s amenities include three swimming pools, bike/walking trails around a lake, wood-burning fireplaces, private patios, and washer and dryer connections in every unit.