August 8, 2016
Irvine, CA-based Faris Lee Investments completed a $6-million sale of a single-tenant, 33,350-square-foot, free-standing retail property occupied by 24 Hour Fitness in Upland, CA. The transaction closed at a cap rate of 6.73%, and a price per square foot of $180.
Originally built in 1976 and fully renovated in 2004, the 3.08-acre Upland property is located at 685 W. Foothill Blvd.
Faris Lee Investments’ Jeff Conover represented the seller, Costa Mesa-based Mission Plaza Properties, Inc. The buyer, Orange-based Sunrz Holdings, Inc., was represented by NGKF’s David Kluver.
Conover says, “24 Hour Fitness is on a sublease with three years remaining. The seller decided it was a good time to free up capital by disposing of the asset in order to realize a significant return on investment.”
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