Thursday, September 26, 2013

HFF closes $13.88 million sale of LA Fitness in Riverside, CA

LA Fitness Riverside, 3437 Arlington Avenue, Riverside, CA

LOS ANGELES, CA – HFF announced today that it has closed the sale of LA Fitness Riverside, a newly-expanded, 49,661-square-foot fitness center in Riverside, California.

Bryan Ley
HFF marketed the site on behalf of the seller, Westminster Arlington LLC, wholly-owned by Westminster Fund V LP.  The property was purchased for $13.88 million by Cole Credit Property Trust IV, Inc.

               The asset is located at 3437 Arlington Avenue with prominent frontage along Highway 91 adjacent to Tava Center, a multi-tenant retail property.  Completed in 2010 and expanded in 2013, the property is adjacent to an available, undeveloped retail pad that is entitled for up to 15,000 square feet. 

               The HFF team representing the seller was led by managing director Bryan Ley and director John Crump.

John Crump
               The Westminster Funds are real estate investment partnerships for private investors and their foundations.  Founded in 1996, The Westminster Funds currently comprise eight commercial income-property investment funds and two CCRC funds for development and operation of CCRCs.

 The 10 funds total more than $600 million of equity capitalization and own about $1 billion of property assets throughout the United States.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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