| Purchase Date |
11/05/2007 |
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| Purchase Price |
$3,800,000 |
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| Total Cost |
$8,440,000 |
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| Estimated Site Rehab Cost |
$4,640,000 |
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| Current Occupancy |
95 |
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| Sales Date |
Not Sold |
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| Property Status |
Currently renovating property and purchasing new equipment. Will have 4 new renderings of new property plans by end of December. Grand Opening set for May. |
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Triton Athletic Center, LP (TAC) is a Texas LP. TAC was formed to achieve the following:
- Acquire the land and buildings of the Thousand Oaks Racquet & Fitness Club (the Club) in San Antonio, Texas. The Club currently sits on 6 acres of prime real estate in north San Antonio. TAC will lease the Club to an operator, under a 10-year lease with one ten-year renewal option. The lease will be triple net, and will include not only payment of base rent, but also an additional amount based on a percentage of Club income, including revenues from the Club’s Bar and Grill and Sports Shop. See attached for aerial map of the property.
- Acquire and develop 6 acres of land adjacent to the Club. Land will be developed into medical office suites, leased, and then sold to a third-party investor.
Located in north San Antonio, TAC is confident that this property has a great potential for substantial investment returns as it not only sits in a, demographically, family-oriented area, but also because of the potential it possesses in the hands of the Triton Group of Companies. TAC will lease the facility to the Triton Group of Companies, who will improve the property investment returns by: 1) Making substantial improvements to the property, creating a multi-sports facility, with access to professional training in a variety of popular sports; 2) Providing spaces, many air-conditioned, for specific sports, including indoor and outdoor basketball courts, batting cages, and space for cheerleader training; 3) Increasing membership through its extensive ties to sports and professional athletes; 4) Utilizing individual athletes in various sports as members of the management team; 5) Providing youth programs for children ages 10 and under; 6) Developing a Bar and Grill that is accessible to the public, and 7) Opening and maintaining a Sports Shop.
Map
Returns
Property Highlights
In summary, an investment in TAC will result in an immediate annual 5% return from rents, paid quarterly, and estimated additional 3% from Club revenues to be paid quarterly, an additional return subsequent to the land development and sale, and an additional return on the eventual sale of the Club land and building, estimated to occur in 5 years.
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