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3/10/15
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A NoCal-based private investor paid $14.2 mil for a 40k sf ($355/sf), single-story 24 Hour Fitness in Moreno Valley. The property is located at 12660 Day St, directly off Hwy 60 at the intersection of Campus Pkwy and Town Circle in the Costco-anchored TownGate Promenade shopping center.
Other tenants at TownGate Promenade include Mimi’s Cafe, Applebee’s, Panda Express, Baker’s, Ayres Hotel & Spa and a Hampton Inn. A brand new 20k sf Aldi’s Food Market is located directly adjacent to the fitness center.
Abutting the site from the east is the Moreno Valley Mall, home to more than 124 regional and national retailers. Sage Technical College, Platt College and the University of California at Riverside are nearby. More than 40,000 vehicles pass in front of the site daily.
Lior Regenstreif, first vice president investments in Marcus & Millichap’s Encino office, represented the seller, a private development corporation based in Newport Beach. Alvin Mansour, senior vice president investments, and Ryan Gomez, both in the firm’s San Diego office, represented the buyer in the transaction.
“This new 24 Hour Fitness ‘Super Sport’ center replaces an older one that was smaller but had a well-established membership base,” says Regenstreif. “The market for the new location has demonstrated demand that will support more than 10,000 workouts per week.”
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