{"id":1004174301,"date":"2017-04-27T04:35:00","date_gmt":"2017-04-27T12:35:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004174301"},"modified":"2022-12-08T16:55:26","modified_gmt":"2022-12-09T00:55:26","slug":"hanley-closes-sale-of-la-fitness-in-chicago-area","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hanley-closes-sale-of-la-fitness-in-chicago-area\/","title":{"rendered":"Hanley Closes Sale of LA Fitness in Chicago Area"},"content":{"rendered":"<p>By Roxana Baiceanu<\/p>\n<div id=\"attachment_1004174302\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/LA-Fitness-Elmhurst.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004174302\" data-attachment-id=\"1004174302\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hanley-closes-sale-of-la-fitness-in-chicago-area\/la-fitness-elmhurst\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/LA-Fitness-Elmhurst.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"LA Fitness Elmhurst\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;LA Fitness at 620 North York Street &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/LA-Fitness-Elmhurst.jpg?w=800\" class=\"size-medium wp-image-1004174302\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/LA-Fitness-Elmhurst.jpg\" alt=\"LA Fitness at 620 North York Street \" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/LA-Fitness-Elmhurst.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/LA-Fitness-Elmhurst.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/LA-Fitness-Elmhurst.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004174302\" class=\"wp-caption-text\">LA Fitness at 620 N. York St. in Elmhurst, Ill.<\/p><\/div>\n<p>Hanley Investment Group Real Estate Advisors closed\u00a0the sale of a new 37,000-square-foot single-tenant net-lease building at 620 North York St. in Elmhurst, Ill. The facility, finalized in late 2016, operates as a health club and is occupied by private retailer LA Fitness.<\/p>\n<p>Executive Vice President Eric Wohl and Associate Austin Blodgett of Hanley Investment Group represented the seller, a Chicago-area development company. The buyer, a publicly traded REIT, used in-house representation.<\/p>\n<p>The single-tenant facility is situated on 4.8 acres at a highly visible intersection adjacent the off-ramp of the Interstate 290\/York Road exit and is one block away from Mariano\u2019s Fresh Market, as well as\u00a0several\u00a0quick-serve restaurants. The area is served by\u00a0other national and regional retailers such as Starbucks, Bentley&#8217;s PetStuff and Comcast.<\/p>\n<p>\u201c<em>The sale of single-tenant health clubs has become a much more viable retail investment alternative in today\u2019s market,<\/em>\u201d said Blodgett in a prepared statement. \u201c<em>Private and institutional\u00a0investors are seeing the value and security of the income stream from a single-tenant health club, especially those leased to LA Fitness, one of the most successful private retailers in the United States.<\/em>\u201d<\/p>\n<p>LA Fitness opened for business in November 2016 and has a 15-year primary lease term with a number of option periods for the property.<\/p>\n<p><em>Image courtesy of Hanley Investment<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 37,000-square-foot facility at 620 North York St. was finalized last year. The tenant signed a 15-year primary lease with a number of option periods.<\/p>\n","protected":false},"author":1064,"featured_media":1004174302,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21825,13,21742,21749],"tags":[33902],"class_list":["post-1004174301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-finance","category-midwest","category-latest","category-retail","tag-hanley-investment-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hanley Closes Sale of LA Fitness in Chicago Area - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hanley-closes-sale-of-la-fitness-in-chicago-area\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hanley Closes Sale of LA Fitness in Chicago Area\" \/>\n<meta property=\"og:description\" content=\"The 37,000-square-foot facility at 620 North York St. was finalized last year. 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