LA Fitness Facility Commands $15M

The fitness center is at 2880 Michelle Drive. It's a two-story building that features 38,000 sf on the first floor, with an additional 3,000 sf on the second floor. Club amenities include squash, racquetball, basketball, swimming pools, steam and sauna rooms, tanning rooms and whirlpools. The sports club is part of the Jamboree Business Center, an 8.6-acre business center on the corner of Jamboree Boulevard and the Santa Ana Freeway, with visibility along the freeway. The LA Fitness property is next to the Tustin Marketplace, the area's largest retail and dining center.Marc Belluomini, EVP and COO of CT Realty, says the asset held considerable appeal for investors because it represents a premier property in Irvine that is occupied by a high-quality single tenant with a long-term lease. "We decided to sell the property in order to capitalize on excellent market conditions," Belluomini says.

Both CT Realty and the buyer were represented by Pat Kent and Shaun Riley of the Irvine office of Faris Lee Investments. The sale is one of more than 140 transactions totaling $2 billion that CT Realty has completed since its establishment in 1994. The company's activities include acquisitions, sales, development and redevelopment and equity financing through strategic partnerships with developers in the Southwest.