Saturday, July 16, 2005

GlobeSt.com - Centrum Lands 36,610-SF Fitness Evolution Health Club

GlobeSt.com - Centrum Lands 36,610-SF Fitness Evolution Health Club: "
Centrum

Centrum Lands 36,610-SF Fitness Evolution Health Club
By Connie Gore
Last updated: July 11, 2005 09:06am
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DALLAS-West Village's Fitness Evolution has worked out a plan to fill two floors at the Centrum, putting the first health club into the class A retail space in two years. Doors swing open in early September on a 36,610-sf facility.
Fitness Evolution, owned by Sam Mulroy of Dallas, signed a five-year retail lease with extension options for its fourth location in the metroplex, Larry Jordan with Transwestern Commercial Services Inc.'s Dallas office, tells GlobeSt.com. The lease for the third and fourth floors of 3102 Oak Lawn Ave. included about $300,000 of exercise equipment, some of which will go and some that will stay as part of the plan for a center with state-of-the-art cardio equipment, yoga, trainers and plasma TVs.
Jordan says the Fitness Evolution lease has been under negotiation for six months after a cold call jumpstarted talks. 'We talked to several other major operators and it appeared to us we would have to do a boutique operation,' he says. The club will be used as a tenant amenity, but also will be open to the general public, he adds. 'It's a real plus for the building and the area,' he says. The Centrum's retail space is quoted at $15 per sf, triple net.
Mulroy, who also operates a center in the Shops at Willow Bend in Plano and is opening a location in Denton, expects to generate 2,000 to 2,500 members for the Centrum center, which also will be used as overflow for West Village, according to Jordan. The Fitness Evolution lease bumps occupancy to 90% in the Centrum, which has 367,251 sf of office space, 60,000 sf of"