{"id":1004128788,"date":"2015-10-07T09:00:49","date_gmt":"2015-10-07T17:00:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004128788"},"modified":"2020-05-05T01:22:50","modified_gmt":"2020-05-05T09:22:50","slug":"hanley-investment-facilitates-health-club-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hanley-investment-facilitates-health-club-sale\/","title":{"rendered":"Hanley Investment Facilitates Health Club Sale"},"content":{"rendered":"<p><em>By Adriana Pop, Associate Editor <\/em><\/p>\n<p><a href=\"https:\/\/www.hanleyinvestment.com\/\" target=\"_blank\" rel=\"nofollow\">Hanley Investment Group<\/a> has arranged the $15.2 million sale of a newly-built 45,000-square-foot, single-tenant, fee simple retail asset in Riverside, Calif. The property at 10988 Magnolia Ave. is occupied by LA Fitness, one of the nation\u2019s most successful private retailers.<\/p>\n<div id=\"attachment_1004128789\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/LA-Fitness-Riverside.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004128789\" data-attachment-id=\"1004128789\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hanley-investment-facilitates-health-club-sale\/la-fitness-riverside\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/LA-Fitness-Riverside.jpg\" data-orig-size=\"1500,953\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D7000&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1427138626&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;45&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;4&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"LA Fitness Riverside\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;LA Fitness Riverside&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/LA-Fitness-Riverside.jpg?w=1024\" class=\"size-medium wp-image-1004128789\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/LA-Fitness-Riverside.jpg\" alt=\"LA Fitness Riverside\" width=\"300\" height=\"191\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/LA-Fitness-Riverside.jpg 1500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/LA-Fitness-Riverside.jpg?resize=300,191 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/LA-Fitness-Riverside.jpg?resize=768,488 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/LA-Fitness-Riverside.jpg?resize=1024,651 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004128789\" class=\"wp-caption-text\">LA Fitness Riverside<\/p><\/div>\n<p>Senior Vice President Pat Kent and Executive Vice President Bill Asher of Hanley Investment Group represented the seller, GRAE La Sierra, LLC of Los Angeles, Calif, a subsidiary of <a href=\"https:\/\/www.seagrovela.com\/\" target=\"_blank\" rel=\"nofollow\">Seagrove LA<\/a>, a commercial real estate development company headed by Rick Edwards, which is developing 6 to 8 new projects annually in Los Angeles, Orange and Riverside counties. The buyer, which was represented by George Ragheb of <a href=\"https:\/\/securedentrance.com\/\" target=\"_blank\" rel=\"nofollow\">Entrance Homes, Inc<\/a>. of Irvine, Calif., was a private investor from Lakewood, Calif.<\/p>\n<p>LA Fitness has a new 20-year primary lease term, with six option periods for the property, which is situated near the intersection of La Sierra Avenue and Magnolia Avenue. Built in 2015 on 3.38 acres, the facility is part of a larger comprehensive\u00a0shopping center, La Sierra Plaza, which includes Walgreens, El Torito, Farrell\u2019s Ice Cream Parlour Restaurant, Jiffy Lube, Panda Express, Red Lobster and the County of Riverside.<\/p>\n<p>\u201cHistorically, investors have proceeded cautiously when evaluating a health club due to their special purpose build-out and the potential costs they might incur if the health club ever vacated in the future,\u201d Kent said in prepared remarks. \u201cValues have changed dramatically in the last 24 months as the average cap rates for single-tenant health clubs in California have compressed approximately 100-150 basis points, one of the most significant cap rate compressions in the single-tenant retail sector.\u201d<\/p>\n<p>According to Kent, the historic compression in this niche can be attributed not only to the overall market conditions, but simply the continued progression of society wanting to live a healthier lifestyle, fostered by the ability to exercise at quality health clubs near work or home. \u201cHealth clubs are no longer a fad. Health clubs such as LA Fitness, 24 Hour, Planet, Crunch and Fitness 19 are here to stay and are expanding across the country in different formats,\u201d added Kent.<\/p>\n<p><em>Photo credits: Hanley Investment Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hanley Invesment Group has sold a prominent retail asset, with Senior Vice President Pat Kent saying, &#8220;health clubs are no longer a fad.&#8221;<\/p>\n","protected":false},"author":260,"featured_media":1004128789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1594,21749],"tags":[],"class_list":["post-1004128788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-los-angeles","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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