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3/05/15
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A local private investor recently purchased a 24 Hour Fitness Sport facility in La Mirada for $13.9 mil. The 40.7k sf building is located at 13395 Beach Blvd, south of Imperial Hwy.
The building was constructed in 2002 and is the anchor tenant in a shopping center that consists of CVS, Jack in the Box, Max Muscle and Electric Tan.
The buyer purchased the property with eight years remaining on its double-net (NN) lease with 24 Hour Fitness and is expected to hold the asset long term for passive income. The property had existing CMBS debt in place that had to be assumed by the buyer.
Ryan Barr and Ryan Bennett, principals of Lee & Associates – North San Diego County, represented the seller in the transaction.
“We are seeing cap rates continue to compress for LA Fitness and 24 Hour Fitness investments as investors bank on continued growth and longevity within the fitness market,” said Bennett.
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