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7/12/17
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A 42.9k sf, single-tenant net-lease property in Montebello occupied by LA Fitness was acquired by a publicly-traded REIT. The price was not disclosed.
Built in 1988, the building is situated on 3.07 acres at 2222 W. Beverly Blvd, at the signalized intersection of Beverly Blvd and Wilcox Ave. The location has a 28-year operating history as a health club with LA Fitness taking over a former Bally's and recently executing a new long-term lease extension.
The LA Fitness property is a part of the Beverly Wilcox Village Shopping Center, which includes Chase Bank, Popeyes, Subway and Western Dental, and offers convenient access via five points of ingress and egress along Beverly Blvd and Wilcox Ave. The center has tremendous visibility with average daily traffic counts of 48,000 cars per day at the intersection of Beverly and Wilcox.
Bill Asher and Ed Hanley with Hanley Investment Group represented the seller, a private partnership based in Orange County. The buyer, which represented themselves, was a publicly-traded REIT.
According to Asher, Hanley Investment Group procured multiple offers and selected a highly-qualified buyer that transacted all-cash and closed in 45 days.
“This is a rare sale of a single-tenant LA Fitness in Los Angeles County,” said Asher. “Only three single-tenant LA Fitness investments sold in Southern California since 2015. LA Fitness is the #1 health club in the nation and the most attractive and stable health club investment in today’s market.”
According to the National Sporting Goods Association, working out at a health club is the #1 sporting activity in the United States and the number of people that belong to a health club is expected to increase as more and more people are focused on their health and well-being.
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