MARCUS & MILLICHAP ARRANGES THE SALE OF LA FITNESS IN DORAL, FL FOR $9.98 MILLION
DORAL, FL, June 3, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of LA Fitness, a 37,500 square-foot net-leased fitness center located in Doral, FL. The asset sold for $9,975,000.
Alex D. Zylberglait, a first vice president investments in Marcus & Millichap’s Miami office, represented the seller, a limited liability company from St. Petersburg Beach, FL, and secured the buyer, a private investor from Aventura, FL.
“Net-leased properties remain a target of commercial real estate buyers as both a capital preservation vehicle and steady cash-flow investment. Buyers are looking to maximize returns while cap rates are near historically low levels. This LA Fitness is one of the best performing locations nationwide and benefits from its location in a densely populated suburban community,” says Zylberglait.
The 37,500 square foot building is situated on 2.29 acres and is 100 percent leased to LA Fitness. Located along Northwest 41st Street, the area’s main retail corridor, the property is centrally located between the Palmetto Expressway and Florida’s Turnpike and serves the high-income residential community of Doral Park and Costa del Sol. Major corporations nearby include Carnival Cruise Lines, Univision, the Federal Reserve, Samsung, Pespi-Cola and more.
LA Fitness is located at 10055 N.W. 41st Street in Doral, FL.