The new owner is California-based Excel Realty Holdings LLC, agroup of investors who have sold previous portfolios to the likesof Kimco and New Plan, according to the lone brokerage firm in thetransaction, Irvine, CA-based Faris Lee Investments. The seller wasan entity of Majestic Realty, which still owns land in theimmediate area and previously owned the land that is now the350,000-sf Tanasbourne West Center, a Fred Meyer-anchoreddevelopment located across the street from the LA Fitness.

Faris Lee managing director Donald MacLellan tells GlobeSt.comit arranged the sale three months prior to completion of thebuilding, procuring a non-refundable commitment from the buyer aswell as forward-basis financing. The buyer's cap rate is estimatedat 7.5%. MacLellan says the fairly high cap rate is attributable tothe both the early commitment and the fact that this is one of thefirst LA Fitness gyms to open in Oregon.

"While LA Fitness is really strong in California, this is thesecond to open in Oregon," says MacLellan.

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