October 9, 2015
A single-tenant Riverside LA Fitness building in Riverside was recently purchased for $15.2 million. Hanley Investment Group, led by Senior Vice President Pat Kent and Executive Vice President Bill Asher, brokered the deal on behalf of the seller, GRAE La Sierra.
A private investor bought the asset, and was represented by George Ragheb of Entrance Homes in Irvine.
The building was completed earlier this year on just under 3.4 acres, and LA Fitness has a 20-year lease. This particular LA Fitness in Riverside, which totals 45,000 square feet, is on the grounds of open-air shopping center La Sierra Plaza on Magnolia Avenue.
Tags: acquisition, Bill Asher, brokerage, Entrance Homes, George Ragheb, GRAE La Sierra, Hanley Investment Group, inland empire, la fitness, La Sierra Plaza, leasing, net lease, Pat Kent, retail, riverside