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Faris Lee Makes Quick Work of Crunch Fitness Sale in Corona
Faris Lee Investments closed the $5.2-million sale of Crunch Fitness, a single-tenant retail property located in Corona. The transaction was completed with a 23-day escrow period with an all-cash buyer and a due diligence period of just 17 days.
Senior managing director Scott DeYoung, managing principals Shaun Riley & Jeff Conover, and director Greg Lukosky targeted a buyer pool seeking single-tenant net-leased investments exclusively in Southern California and were able to generate multiple offers within a short time. Marketing the offering as part of a Stater Bros-anchored shopping center was instrumental in generating the high level of offer activity.
The property had been on the market for more than three years with another brokerage. Faris Lee Investments surmounted a number of complexities in engineering a deal. The shorter-term lease to a fitness operator was one of the objections Faris Lee Investments was prepared to address. Additionally, the declarant/management responsibilities that came with the parcel were unusual characteristics of a single-tenant net-leased investment offering.
- ◦Sale/Acquisition

