Senior Housing Properties Trust of Newton has acquired four health and wellness centers operated by Life Time Fitness for $100 million. The real estate investment trust has also entered into a long-term lease arrangement with Life Time Fitness for these same properties.
The rent payable by Life Time Fitness to SNH for the health and wellness centers will be $9.1 million per year, plus fixed increases during the lease term. These health and wellness centers have a lease term ending in 2028, plus tenant renewal options thereafter.
The four acquired properties are located in Romeoville, Ill.; Allen, Texas; Alpharetta, Ga. and Omaha, Neb. They are 108,890 square feet, 125,475 square feet, 109,720 square feet and 114,061 square feet, respectively.