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| 24 Hour Fitness, 715 East Huntington Drive, Monrovia, CA |
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| Jeff Conover |
IRVINE, CA, Feb. 12, 2015 – Faris Lee Investments, a leading
retail advisory and investment sales firm, has completed the $5.5 million sale
of a 17,000-square-foot, single-tenant, NNN-leased retail property occupied by
24 Hour Fitness in Monrovia, Calif.
24 Hour Fitness has occupied the property
for 19 years and recently signed a 10-year lease extension.
Jeff Conover, senior managing director with Faris Lee
Investments, represented the seller, Monrovia Fitness, LLC from Los Angeles.
The all-cash buyer, HREH, LLC based in Orange County represented itself. The
closing cap rate was 6.49 percent.
“Monrovia, along with the entire San Gabriel Valley, is a
preferred area for Asian investment. Because of this we used our FLI Exchange
database to focus our marketing on private foreign capital investors.
"As a
result we received multiple offers on the asset, and we secured a local buyer
entity that consisted of Asian private capital,” said Conover.
Built in 1995 and situated 1.48 acres at 715 East Huntington
Drive, the property is within the East Huntington Drive technology corridor
which is one of the area’s most prominent high-tech research and development
centers with nearby tenants including Sun Microsystems, Xerox Special Inform
Systems, ITT Space Division, among others. The property has more than 330,000
residents and more than 115,000 daytime employees within a five-mile radius.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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