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8/02/24
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A SoCal investor in a 1031 exchange paid $13.3 mil for a newly developed EoS Fitness property in French Valley, a city within the greater Temecula market in south Riverside County. The 38k sf ($350/sf) building is situated on 4.33 acres at 35914 Winchester Rd and has a 20-year an absolute triple net, corporate-guaranteed lease in place.
The property, which is anticipated to open its doors late August 2024, is the anchor tenant within French Valley Marketplace, a new 78.4k sf shopping center featuring other national brands including Grocery Outlet, McDonald’s, Chipotle, and 7-Eleven, among others.
Matthew Mousavi, Patrick Luther and Jack Cornell with SRS Capital Markets represented the seller, a Southern California-based private developer. The closing cap rate was 6.3%, which is a record low cap rate for the EoS brand this year, as well as comparable gym / fitness properties nationwide in 2024 according to CoStar records.
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