HIGHLAND, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 45,000-square foot LA Fitness (top right photo) in Highland.
The sales price of $9,215,000 represents $205 per square foot.
Chris Maling, (middle left photo) a first vice president investments and a director of the firm’s Net Leased Properties Group in Los Angeles, and David Maling, a vice president investments and a director of the firm’s National Retail Group in Los Angeles, represented the seller, a real estate investment trust, and the buyer, an Arizona-based opportunity fund.
“LA Fitness is part of a master-planned community that includes more than 165 acres of new homes and commercial services,” says Chris Maling.
“LA Fitness operates under a 15-year, triple-net lease with fixed rent escalations every five years and three five-year options to extend the lease, each with a 10 percent fixed rental escalation.”
Located in the southeast quadrant of Interstate 210 and Greenspot Road in Highland, LA Fitness is one of the anchor tenants in Highland Crossroads,(bottom right map) a new 8.5-acre retail development. The other anchor tenants are Lowe's and Staples.The average household income within three miles of the property exceeds $60,348 and the population within a five-mile radius is greater is than 201,000.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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