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California  + Inland Empire  + Retail  | 

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.

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Faris Lee's DeYoung

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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