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California  + Los Angeles  + Retail  | 

Capital Square 1031 Divests 24 Hour Fitness-Occupied Asset

Glen Allen, VA-based Capital Square 1031 sold a 37,500-square-foot facility in West Covina, CA that is 100% occupied by 24 Hour Fitness. An undisclosed buyer paid $20.725 million for the property that was owned by a group of Delaware statutory trust (DST) investors who realized a 149.49% total return on equity, or 12.12% annualized return, from their 1031 exchange investment.

“With the sale of this 24 Hour Fitness facility, Capital Square has taken four DST offerings full-cycle in the last 10 months,” said Capital Square 1031’s Louis Rogers. “Investors realized a handsome return from both the cash flow and capital appreciation.”

The property at 1530 W. Covina Parkway was originally purchased for $16.2 million in May 2015. The asset is situated on 1.6 acres of land, and includes a three-level, free-standing parking garage.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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