A recently renovated, 20.7k sf single-tenant, NNN-leased retail property occupied by Crunch Fitness in Van Nuys sold for $6.1 mil ($295/sf). The property closed at a 6.48% cap rate, providing the buyer with a high-yield investment in Los Angeles County.
Renovated in 2017, the property is situated on a half-acre of land at 6723 Van Nuys Blvd, south of Vanowen St and just a few blocks from Van Nuys High School, home of the Fighting Wolves. The property is within International Marketplace, a large retail center that includes Fallas, 99 Cents Only Store, among other tenants.
Matt Brooks and Thomas Chichester with Faris Lee Investments represented the 1031 exchange buyer, Fortunate Realty. SRS Real Estate Partners repped the seller.
“This property is ideally located in a dense San Fernando Valley retail location and offered our client a stable, long-term investment with a well-known national tenant fitness brand,” noted Brooks.