Marcus & Millichap Arranges Sale Of LA Fitness For $9.6 Million

Aug 19, 2013 No Comments by

Marcus & Millichap Real Estate Investment Services announced the sale of a 51,160 square-foot net-leased building anchored by LA Fitness and located in Ocoee.

The asset sold for $9,600,000.

Lori Schneider, a Senior Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Raleigh, North Carolina.  The buyer, a REIT from Boynton Beach, was also secured and represented by Schneider.

The 51,160 square foot building is anchored by LA Fitness, one of America’s most successful fitness chains, who, with 47,634 square feet, occupies over 93 percent of the GLA.  The property has an additional 3,526 square foot vacant retail bay. LA Fitness occupies a former Albertson’s Supermarket space and the vacant bay formerly contained the Albertson’s Liquor Store.

“This investment opportunity was particularly attractive because of the property’s location in a rapidly growing Orlando suburb, its recent renovations and the ease of management.  It also affords the buyer the upside potential of leasing the vacant retail space,” says Schneider.

LA Fitness is in a major retail corridor. The property is located on the intersection of E. Silver Star Road and N. Clarke Road and Publix and Winn-Dixie anchored shopping centers and Walgreens share the intersection. The property is contiguous to a CVS anchored shopping center whose tenants include Little Caesars, Great Clips and State Farm. McDonald’s is an outparcel to the center. LA Fitness is located at 1560 East Silver Star Road in Ocoee, FL.

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Industry News, NA, Retail
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