The health club operator is marking its seventh year of a 20-year lease for the 1994-constructed building at 13220 N. Scottsdale Rd. According to Dennis Vaccaro, director for Faris Lee Investments in Irvine, CA, the property had been on the market for awhile and then the seller, Cambra Development, pulled it. "I'd been aware of the property for sale, though, and had sold a similar property to this buyer in 2005," Vacarro tells GlobeSt.com. "The buyer liked the fact that the property had a good location."
Vacarro represented the seller and the buyer, Bay Harbor Management of Costa Mesa, CA. He adds that, unlike the seller, the buyer has numerous assets in the area, but it's the investor's first health-club facility in the metro. The 6.55-acre property was developed for Q Club.
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