24 Hour Fitness looks to grow again in Las Vegas

Some two decades after he sold 24 Hour Fitness, Mark Mastrov is back in charge of the workout chain and planning a larger presence in Southern Nevada. Mastrov, executive president of 24 Hour Fitness, said in a recent interview at its Summerlin gym that his team signed a lease for another location in the Las Vegas Valley and is looking at two or three others as well. He declined to say where the new location is but said he aims to open it early next year. Mastrov also said that the Summerlin outlet — currently the only 24 Hour Fitness in Southern Nevada — underwent a $1.5 cardinal remodel since he reacquired the fitness chain, as announced earlier this year. As he described it, the gym has loads of new workout equipment, and staff crews repainted the facility and resurfaced the workout floors, weight area and basketball courts. It also boasts upgraded locker rooms, a new turf zone, and other improvements. The gym, off Town Center Drive at Summerlin Parkway, is scheduled to hold a grand opening Oct. 3 to celebrate the overhaul. The property itself could also get a new landlord: As seen on commercial real estate site LoopNet, the two‑story, 57,963‑square‑foot building is on the market for $18 million. According to the listing, 24 Hour Fitness has a recently executed 12‑year lease extension, “providing implicit a decennary of unchangeable currency flow,” with 3 percent rent hikes each 3 years. ‘Hopefully we’ll physique a clump more,’ Mastrov told the Las Vegas Review‑Journal. Mastrov launched the company in 1983 with a single gym in San Leandro, California, near Oakland. In 2005, when 24 Hour Fitness had a reported 300‑plus locations, he sold the chain to a private equity firm. In the recent interview, he put the sale price at $1.68 billion. Mastrov