The buyers, Westcore Poway LAF LLC and New York-based Longwing Real Estate Ventures LLC, have shelled out $7.4 million for the asset, which stands on a 3.5-acre parcel at 12648 Poway Rd. Encompassing 40,567 sf, the property recently underwent a $1.5-million renovation that transformed it from a supermarket into a state-of-the-art fitness center that features a lap pool, sauna, and lockers, as well as indoor basketball, volleyball and racquetball courts.
According to Westcore president and CEO Marc Brutten, "the LA Fitness purchase complimented our Poway Plaza acquisition," which the firm and joint venture partner Longwing Real Estate recently purchased in a separate deal valued at $8.4 million. "The strong tenant cash flow and opportunity to own the property at below replacement cost created an ideal situation for us," Brutten adds.
Neither the buyers nor seller QFO LLC of San Diego received outside broker representation on the LA Fitness transaction. Steve Delong of California Bank & Trust arranged financing for the buyers.
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