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.