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| 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
MONAGHAN COMMUNICATIONS,
INC.
830.997.0963
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