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Thursday, Mar 28, 2024
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Van Nuys LA Fitness Fetches $23 Million

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. LA Fitness, which opened the massive outlet last year, has a 20-year-lease in place. “This is an incredible location and there’s a long-term lease with a solid credit tenant,” he 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. He said the Van Nuys gym is one of the busiest in the city, which prompted the buyer to move quickly. “FM was very aggressive once they found out the building was available,” Tao said. “This is a trophy asset in the San Fernando Valley.”

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