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February 24, 2018
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SOUTHERN CALIFORNIA NEWS
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San Fernando Valley Crunch Fitness Building Sells for $300/sf

1/12/18

A 20.6k sf Crunch Fitness in Van Nuys sold for $6.1 mil, or just under $300/sf. The building is located at 6723 Van Nuys Blvd, with the gym being co-anchor to an inline strip center which includes Jons International Marketplace, Fallas, and Deardenís.

Crunch Fitness just opened in July of 2017 with well over $1 mil invested in the buildout and capital improvements. The tenant has signed a 15-year lease, demonstrating their commitment to the site. Other retailers within the immediate area include 99 Cents Only, Starbucks, and Bank of America.

Matthew Hardke, Matthew Mousavi and Patrick Luther with SRS Real Estate Partners' National Net Lease Group represented the seller in the transaction. According to SRS, the property was purchased by a foreign national coming out of a 1031 exchange. This was a complex deal structure requiring an assemblage of leasehold and leased fee interests in delivering a fee simple title to the buyer. The property closed at 97% of the asking price.




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