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5/13/15
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Capital Square Realty Advisors LLC announced today it has acquired a 37.5k sf retail building in the San Gabriel Valley city of West Covina, roughly 20 miles east of downtown Los Angeles. The property, located at 1530 W. Covina Pkwy, just south of I-10 at Sunset Ave, is fully leased to 24 Hour Fitness USA Inc. The price was not disclosed.
The two-story building is situated on a 1.6-acre site and includes a three-level, free-standing parking garage. The property is designed as a 24 Hour Fitness “Sport” facility. Amenities of the club include cardio equipment, circuit training, a kids club, sauna, steam room, and lap pool, among others.
Founded in 1983 in San Leandro as a one-club operation, 24 Hour Fitness currently has more than 400 locations in 18 states and three countries, upwards of 3.8 million members in excess of $1.25 billion in annual revenue. A global fitness leader, the company has been ranked by Club Industry’s “Top 100 Health Clubs” as No. 2 in 2013 and 2014, and No. 1 in 2011 and 2012.
With this purchase, Capital Square Realty Advisors’ real estate portfolio consists of 23 properties across the U.S. valued in excess of $260 mil. The company was repped in this deal by TaxGuard1031.
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