IREA Brokers LA Fitness in San Fernando Valley for $23.5M
Reported by: San Fernando Valley Business Journal
By Elliot Golan
The 53,000 square-foot LA Fitness in Van Nuys has traded hands for about $23.5 million. FM Enterprises of Sherman Oaks made the buy at 6161 N. Sepulveda Blvd. July 1 from a private owner.
Frank Mushmel, principal at FM Enterprises, said the deal is a long-term investment. “This is an incredible location and there’s a long-term lease with a solid credit tenant,” he said. LA Fitness, which opened the massive outlet last year, has a 20- year-lease in place, Mushmel said.
Yubin Tao, vice president at real estate advisory firm Investment Real Estate Associates in Los Angeles, represented both sides in the off-market transaction. “FM was very aggressive once they found out the building was available,” Tao said. “This is a trophy asset in the San Fernando Valley.”