Cresset Lexington, LLC has acquired 475 Bedford Street (Route 225) in Lexington, MA. The asset is a 71, 000 sf building on 9 acres net leased to Boston Sports Club, which is part of Town Sports International (TSI), which operates 139 clubs in Boston, New York, Washington DC and Philadelphia. In Greater Boston the Lexington club is one of the most successful of the 18 club cluster.
TSI is the largest health club in the northeastern United States. TSI is a public company and is traded on the NASDAQ under the symbol “club” with year ending 12/31/05 revenues is in excess of $390 million. The property sits one quarter mile from Exit 31off Rte 128/I95. The opportunity presents and excellent cash on cash return over the remaining lease term plus the opportunity to redevelop the site for a number of uses including office, retail and multifamily.
Historic Lexington, MA, considered one of greater Boston’s most prestigious and desirable suburbs, is located approximately 11 miles northwest of Boston. Lexington is conveniently sited along Interstate 95 and also has excellent east-west access from Route 2. The population is approximately 32, 000 and it provides an ideal audience for the upscale market the club targets.
Emancipation Day is celebrated in many former British colonies in the Caribbean and areas of the United States on various dates in observance of the emancipation of slaves of African origin. It is also observed in other areas in regard to the abolition of serfdom or...