W.P. Carey Shells Out $320M For Portfolio Of Life Time Locations
Net lease real estate investment trust W.P. Carey scooped up a portfolio of 10 Life Time athletic country club locations across the eastern and central U.S. for $322M.
The REIT purchased the properties from TPG Angelo Gordon, which previously acquired the locations from Life Time in 2015 in a sale-leaseback transaction. The deal made up more than half of W.P. Carey's $625M fourth-quarter investment volume.
Life Time continues to occupy the locations, though it wasn't a party to the deal, CoStar reported.
Including the properties W.P. Carey already owned that were net-leased to Life Time, the fitness retailer ranked as the company's third-largest tenant by annualized base rent at the end of the year.
"2025 marked a record high year for investment volume, closing $2.1 billion of deals funded primarily through accretive sales of non-core assets, highlighted by our effective exit from operating self-storage," W.P. Carey CEO Jason Fox said in a press release.
The 10 properties in the portfolio sale are:
- 14 Fernwood Drive in Florham Park, New Jersey
- 2051 S. Lindbergh Blvd. in Frontenac, Missouri
- 14200 Highway 92 in Woodstock, Georgia
- 3825 Hard Road in Dublin, Ohio
- 3850 Richmond Road in Beachwood, Ohio
- 44 Harvard St. in Westwood, Massachusetts
- 680 Woodlands Parkway in Vernon Hills, Illinois
- 18425 Dodd Blvd. in Lakeville, Minnesota
- 44610 Prentice Drive in Sterling, Virginia
- 3051 Healthy Way in Birmingham, Alabama
W.P. Carey also sold 31 self-storage operating properties in the fourth quarter for about $325M. It owned 11 self-storage operating properties at the end of the year, which it expects to sell in the first half of 2026.
Single-tenant warehouse and industrial properties made up roughly 68% of W.P. Carey's 2025 investment volume, while retail properties made up about 22%. About 69% of its 2025 investment volume was in the U.S. and 26% in Europe.
