ANDERSONVILLE — The Clark Street building that houses Cheetah Gym is for sale, though the fitness center just signed a lease extension at the location, according to marketing materials for the building.
The owners of the two-story building at 5248 N. Clark St. are seeking offers on the property. They tout Cheetah’s new lease as a bonus in its pitch to potential investors.
According to a listing for the property, Cheetah just signed a five-year lease extension at the location, which costs the gym $50,000 a month. The building hit the market on Nov. 22.
“The tenant, Cheetah Gym, has been in business at the location for 25 years and continues to thrive,” the listing reads.
The owners have not listed an asking price for the 19,000-square foot building, and instead said they are “inviting investors to put their best offer for the property.”
The building was sold in 2016 for $6.2 million after Cheetah Gym’s owner lost the facility to foreclosure, Cook County property records show. It was bought by a limited partnership entity named Matrix Cheetah, the owners of which cannot clearly be identified through public records.
Reza Toulabi, who owns Cheetah Gym, in 2013 defaulted on a mortgage for his three Chicago fitness centers, causing his lender to seek the selling of the gym company’s assets, Crain’s reported at the time.
Cheetah Gym’s Edgewater location was closed in 2015, and the chain’s Wicker Park location was sold to Lakeshore Fitness in 2016. The Andersonville location is the last remaining Cheetah Gym in Chicago.
Toulabi did not return requests for comment. The real estate agent marketing the building, Frank Diliberto, also did not return requests for comment on this story.
Cheetah Gym in Andersonville has been a longtime staple of the neighborhood, and is known as an LGBTQ-friendly small business. The gym’s parking lot was the site of the city’s first ever drag festival, held in June.
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