The LA Fitness at 13822 Garvey Avenue in Baldwin Park, California, has sold in a 1031 Exchange for $18.08 million. Kidder Mathews’ Tanel Harunzade, Darrell R. Levonian, and Brittney McCarthy represented the seller, a private family investor, in the transaction. The buyer was represented by Janet Neman and Angelica Gotzev, also with Kidder Mathews.
The ±45,000-square-foot facility is situated on four acres of freeway frontage at the prime intersection of Interstate 10 and Garvey Avenue, with traffic counts exceeding 236,000 cars per day. The area population is 56,268 with an average household income of $85,562 in a three-mile radius.
“LA Fitness is a strong tenant with 15 years remaining on the initial NNN lease with a rent increase of ten percent every five years,” said Harunzade. “The sale was an all-cash deal that closed in two weeks at a sales price over the listing price.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project and construction management, and debt & equity finance services for all property types. The firm performs $10.9 billion in transactions, manages 62 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.