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LAS VEGAS — A 145,000-square-foot retail property in the Las Vegas submarket of Summerlin has sold to an unnamed buyer for $51 million. The space is triple-net leased to Life Time Fitness. It is located at 10721 W. Charleston Blvd.
The building was constructed in 2011. It is situated near Red Rock Casino & Resort, Downtown Summerlin Mall and Canyon Pointe.
The private, high-end fitness center chain recently signed a new 20-year, triple-net, corporate-guaranteed lease with scheduled rental increases during the term. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented both the buyer and institutional seller in this transaction.