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.
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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.
