Monrovia 24 Hour Fitness Property Sells for $324/sf

A 17k sf, single-tenant, NNN-leased retail property occupied by 24 Hour Fitness in Monrovia sold for $5.5 mil ($324/sf). 24 Hour Fitness has occupied the property for 19 years and recently signed a 10-year lease extension. 
Built in 1995 and situated 1.48 acres at 715 East Huntington Dr, 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. Nearby tenants include 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. Jeff Conover, senior managing director with Faris Lee Investments, represented the seller, Monrovia Fitness LLC from Los Angeles. The Orange County-based, all-cash buyer, HREH LLC, represented itself in the deal. The closing cap rate was 6.49 percent.


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