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.
