Reza Etedali of Sperry Van Ness' REZA Investment Group says the property attracted multiple offers because of the fitness club's long-term lease and its reputation as a successful operator of clubs in the Los Angeles area. Etedali represented the seller, while Mehran Foroughi of the REZA investment group represented the buyer. Etedali says prospective buyers also were attracted by the building's location, which is close to three major Los Angeles freeways: the 405, 22 and 605.
The fitness club features a swimming pool, racquetball courts, full court basketball, saunas, spas, multi-level aerobic programs and other exercise activities. The club has six years remaining on its lease of the building, which was constructed in 1977 and was remodeled in 1998 to 1999. It is a two-story building of reinforced concrete block with stucco and tinted glass panels.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.