Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHANDLER, AZ – A California group has paid $8.6 million for a fully leased, freestanding health club, beating out three other bidders with a full-price offer to take ownership of the 41,000-sf, single-tenant property.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.