Morgenstern Trust of Santa Ana, CA, was looking for a "coupon-clipper, low maintenance investment" when they put up the full asking price for the 4836 E. Chandler Blvd. property in a deal with Wellesley, MA-based seller Orsett Properties, Eric Wichterman of Grubb & Ellis/BRE Commercial tells GlobeSt.com.
The buy got the new owners a fully occupied, newly constructed workout facility leased to LA Fitness under a 15-year term with an 8.5% cap rate.
"We had other offers," said Wichterman, "but this group was an all-cash buyer that came in out of California and offered full price."
Wichterman, along with Stan Shafer, Greg Valladao and Ryan Schubert of Grubb & Ellis/BRE Commercial, handled the transaction for the seller. The buyer was represented by Sperry Van Ness.
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