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PHOENIX-A Nevada-based investment firm is pumped up over its $7.2-million acquisition of the 24 Hour Fitness building at 3233 E. Camelback Rd.

“The buyer was interested in the building, not only because of its long-term lease, but also because it’s a great location for future use, should that need develop,” Dennis Desmond, senior managing director of Insignia/ESG tells GlobeSt.com. The 44,374-sf property is set on 5.62 acre near 32nd Street and Camelback Road near Phoenix’s prime Camelback Corridor.

The health club, formerly known as Q Sports Club, was built in 1993 and had been on and off the market for about 18 months before Lako LP purchased it from New York-based New Plan Excel Realty Trust, Desmond said. The buyer purchased the building as an investment and has no plans for any changes at the property, he added.

Desmond, along with Insignia/ESG Director Cliff Johnston, negotiated the transaction for the seller. Craig Coppola of Lee & Associates Arizona represented the buyer in the deal.

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