Altea Active seeks to sell south Winnipeg property, rent it back
However, Altea Active may have already found a buyer. A deal is being negotiated and could conclude this summer, chief executive Jeff York said Friday.
Agents listed the nearly 80,000-square-foot Bridgwater-area gym as a 30-year sale-leaseback, where Altea leases its space from the new owner.
WINNIPEG FREE PRESS FILES
Melanie St. Amour, Mike Nolan and Rob Malloff are pictured at the site of what will become the Altea Active Club, an 80,000-square-foot family fitness centre in Bridgwater.
'I don't want to have Altea in the real estate business,' York said. 'We're going to rent our real estate and then use our capital to open more clubs.'
Altea Active built its Winnipeg site in 2018. It's the chain's first gym and the only one where Altea owns both building and land, York said.
Within three stories, 100 South Town Rd., holds boutique studios, two swimming pools, upwards of 100 exercise units and a Starbucks coffee location. The parking lot houses 421 stalls. Altea also owns nearby development land, bringing the package for sale up to 5.84 acres.
The company counted more than 10,000 Manitoba members and at least $12 million in revenue last year, a summary by listing agents show.
'It's our busiest facility in Canada,' York said. 'We're going to have more capital to put more good things into Winnipeg.'
Leasing will lead to renovation, he continued. A better Pilates yoga studio, more wellness amenities and a dedicated high intensity interval training concept are among the examples he listed.
He declined to share a sale price tag, noting negotiations are underway. The Free Press reported a $30 million bill for Altea's Winnipeg gym creation in 2018.
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The company Altea is currently negotiating with buys buildings and rents them to users, York said. When asked if anything would change in the gym, he stated it would 'only get better.'
Altea has opened sites in Toronto, Vancouver and Ottawa. Ottawa's hub is 129,000 sq. ft.
Altea previously announced it'd open Avant, a new concept it touts as a luxury club, in Toronto this year.
JLL's National Retail Investment Group and Capital Commercial Investment Services are overseeing the Winnipeg acquisition.
gabrielle.piche@winnipegfreepress.com
Gabrielle PichéReporter
Gabrielle Piché reports on business for the Free Press. She interned at the Free Press and worked for its sister outlet, Canstar Community News, before entering the business beat in 2021. Read more about Gabrielle.
Every piece of reporting Gabrielle produces is reviewed by an editing team before it is posted online or published in print — part of the Free Press's tradition, since 1872, of producing reliable independent journalism. Read more about Free Press's history and mandate, and learn how our newsroom operates.
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