Life Time fitness CEO buys beachfront lot in Broward for $10M

A company managed by Bahram Akradi, the founder and CEO of fitness chain Life Time, paid $10 million for a vacant lot along the ocean in Hillsboro Beach, the most expensive neighborhood in Broward County.

Lotta Development LLC, managed by Margaretha Buerman in Highland Beach, sold the 45,122-square-foot lot at 997 Hillsboro Mile to Minnetrista, Minnesota-based Bahram Akradi LLC, managed by Akradi. The deal included $6.5 million in seller financing that matures in one year.

The property, which spans from the ocean on the east to the Intracoastal Waterway on the west, last traded for $5.5 million in 2009. It’s zoned for a single-family home, quite possible a very large one.

Minnesota-based Life Time has over 145 health centers across the United States. It’s only current location in South Florida is in Boca Raton, although it has one under construction in Coral Gables, and others planned in Palm Beach Gardens and at The Falls in southern Miami-Dade County.