Saturday, July 15, 2017

Hanley Investment Group Completes Sale of Single-Tenant LA Fitness in Los Angeles

Bill Asher
MONTEBELLO, CA - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, has completed the sale of a single-tenant net-lease retail investment occupied by LA Fitness in Montebello, California. The price could not be disclosed.

Hanley Investment Group's Executive Vice President Bill Asher and company President Ed Hanley represented the seller, a private partnership based in Orange County, California. The buyer, which represented themselves, was a publicly-traded REIT.

Built in 1988, the 42,946-square-foot building is situated on 3.07 acres at the signalized intersection of Beverly Boulevard and Wilcox Avenue at 2222 W. Beverly Boulevard in Montebello. 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.

Ed Hanley
According to Asher, Hanley Investment Group procured multiple offers and selected a highly-qualified buyer that transacted all-cash and closed in 45 days.

“LA Fitness is one of the fastest growing health club chains in the U.S. and presently has more than 690 locations in 32 states and Canada,” Hanley noted.

“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, with Hanley Investment Group selling two of the three properties. LA Fitness is the #1 health club in the nation and the most attractive and stable health club investment in today’s market.”  

Hanley noted, “The growth of health club memberships nationwide has spurred the development of fitness centers from coast to coast, which has created outstanding real estate investment opportunities.”

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

Anne Monaghan

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