IRVINE, Calif., February 12, 2015 – Faris Lee Investments, a leading retail advisory and investment sales firm, has completed the $5.5 million sale of a 17,000-square-foot, single-tenant, NNN-leased retail property occupied by 24 Hour Fitness in Monrovia, Calif. 24 Hour Fitness has occupied the property for 19 years and recently signed a 10-year lease extension.
Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Monrovia Fitness, LLC from Los Angeles. The all-cash buyer, HREH, LLC based in Orange County represented itself. The closing cap rate was 6.49 percent.
“Monrovia, along with the entire San Gabriel Valley, is a preferred area for Asian investment. Because of this we used our FLI Exchange database to focus our marketing on private foreign capital investors. As a result we received multiple offers on the asset, and we secured a local buyer entity that consisted of Asian private capital,” said Conover.
Built in 1995 and situated 1.48 acres at 715 East Huntington Drive, the property is within the East Huntington Drive technology corridor which is one of the area’s most prominent high-tech research and development centers with nearby tenants including Sun Microsystems, Xerox Special Inform Systems, ITT Space Division, among others. The property has more than 330,000 residents and more than 115,000 daytime employees within a five-mile radius.
About Faris Lee Investments: Faris Lee Investments is a leading retail advisory and investment sales firm. The company’s high-level retail investment advisors and sophisticated financing experts develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Cumulatively, Faris Lee’s leadership has been involved in more than $20 billion of transactions. Faris Lee’s senior advisors are skilled in disposition and acquisition strategies, asset positioning and valuation, marketing, debt and equity structuring, strategic workout and REO solutions and execution. For more information, visit www.farislee.com.