Elite Sports Clubs properties sold to real estate investor

Business was recently sold to Chicago fitness club owner

Elite Sports Clubs Glendale
Elite Sports Clubs quad in Glendale.

Last updated on March 17th, 2020 at 01:33 pm

At least three of the Elite Sports Clubs properties in the Milwaukee area have been sold to an Arizona-based real estate investment trust, according to state records.

Club locations in Mequon, Glendale and on West Burleigh Road in Brookfield were purchased by Store Master Funding XVII LLC, an affiliate of Scottsdale-based STORE Capital, for a combined $42.4 million. The four parcels involved in the transaction have an assessed value of $16.1 million.

The Brookfield property, located at 13825 W. Burleigh Road, sold for $8 million and had an assessed value of $5.4 million. The Mequon property at 11616 N. Port Washington Road sold for $26.3 million and had an assessed value of $4.1 million. Two parcels at the Glendale property, 5750 N. Glen Park Road, sold for $4.6 million and $3.5 million with assessed values of $4.3 million and $2.3 million respectively.

STORE is an internally managed net-lease real estate investment trust focused on single tenant operational real estate. Buildings for Fleet Farm, Ashley Furniture, Cabela’s, At Home and AMC Theaters are among the concepts STORE owns.

As of Sept. 30, STORE’s real estate portfolio totaled $8.4 billion across 2,417 properties. In the first nine months of the year the company invested $1.15 billion in 247 properties. It sold 80 properties for a total of $409.9 million, according to securities filings.

The Elite locations on Good Hope Road in Milwaukee and Barker Road in Brookfield were not among the transactions listed on state records.

All five Elite Sports Clubs locations were sold last month to Peter Goldman, owner of Lakeshore Sports & Fitness clubs in Chicago.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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