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Baldwin Park LA Fitness Changes Owners in 1031 Exchange
The LA Fitness at 13822 Garvey Ave. in Baldwin Park 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. The buyer was represented by Janet Neman and Angelica Gotzev, also with Kidder Mathews.
The approximately 45,000-square-foot facility is situated on four acres of freeway frontage at the 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 10% 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.
- ◦Sale/Acquisition
