HOME » ABOUT » SUCCESS STORIES » LA FITNESS
LA Fitness
Newark, NJ
Challenge
- LA Fitness had a strong rent in this location.
- The sales price would be at the top end of La Fitness assets sold.
- LA Fitness was under parked and utilized an agreement with the adjacent owner.
Strategy
- Fully expose the property to the market through a tiered approach.
- Target large exchange buyer and institutional capital.
- Highlight the properties irreplaceable location to support market rent.
- Create an agreement with the adjacent owner in order to support a transaction.
Results
- Colliers generated multiple offers.
- Highest price paid for an LA Fitness at over $17M.
- Sold to an institutional buyer.
- All cash transaction with a quick close.
Key Colliers Services
- Colliers Institutional Services
- Colliers Private Capital Services
- Colliers Single Tenant & Portfolio Disposition Services
- Colliers Retail Leasing Services
- Colliers Property Management Services
- Colliers Debt & Equity Services
- Colliers Valuation & Appraisal Services
- Colliers Marketing & Client Services
More Success Stories
Portland Grocery Store
Institutional Seller with strong expectations. Not main and main within the market. Restrictions on fully marketing the asset. Short timing to sell the property. Record cap rate for the Pacific Northwest. Sold to an exchange buyer off market that was based in Beverly Hills. Delivered again for one of our top clients. Help us take the top spot for grocery sales in 2020.
North Park Shopping Center
Top performing Kroger grocery store coupled with Kmart anchor on eve of bankruptcy. Underperforming shop tenant performance and new development competition. Northward market migration and residential growth. How to get value for Kmart space with limited prospects to backfill 100,000 SF. Kroger controlled redevelopment via site plan modification approvals.
Marketfair Mall
High seller expectations for REO asset at excellent location near high-performing regional mall. Second generation replacement anchors HH Greg & Gander Mountain lacked credit. Functional obsolescence of enclosed mall shops resulted in under-performance. Outdated movie theater lacked credit, but required significant LL renovation contribution. High expectations based on quality of location but encumbered by current leases. Vintage physical plant was dated with deferred maintenance.
Find An Expert
Connect With Our Specialists
Join Our Network
Stay up to date with the latest Commercial Real Estate Investment Market Trends & Opportunities nationwide.
CONTACT US
865 S Figueroa Street
Suite #3500
Los Angeles, CA 90017
+1 877.636.2436
info@nationalretailinvestment.com