24 Hour Fitness | Dense Infill Location Along Interstate 10
West Covina, CA
Price: $23,633,000Cap Rate: 5.70%Building SF: 37,500 SFLot Size: 1.56 AcresYear Built: 1962 / Renovated 2001Status: Available

Investment Highlights: 

Strong Corporate Lease Guaranty – 24 Hour Fitness: Global Leader in the Fitness Industry  – The subject property is leased to 24 Hour Fitness USA, Inc. (Corporate), the largest privately owned and operated fitness chain in the world, with nearly 4 million members within 426 clubs across 17 U.S. states. The lease provides an investor with a strong corporate guaranty from 24 Hour Fitness United States, Inc. who has been successfully operating at this location since 2001 (16 years). 

Tenant Commitment to Site:  Currently Undergoing Extensive Renovations, Replaced Roof Membrane in 2016 – 24 Hour Fitness is showing a clear commitment to this site by spending a large sum of money to completely renovate the pool, jacuzzi, sauna, steam room, and both the men’s and women’s locker rooms (including the bathrooms).  The tenant also replaced the entire roof membrane in 2016.

Dense Infill Location (525,000 People Within 5 Miles) – Desirable Demographics – Lends Well to Tenant Concept – The site is located within a dense infill location of the City of West Covina, just 19 miles East of Downtown Los Angeles. There are approximately 525,000 people that live within a 5-mile radius of the subject property with an average household income over $85,000, lending well to the tenant’s concept and supporting its continued success.  

Strategic Location Near Interstate 10 On/Off Ramp – Excellent Visibility Along Major Corridor – Multiple Access Points – The subject property is ideally located just off the Interstate 10 exit/entrance along W. Covina Pkwy, which is a main retail/commuter corridor to/from Interstate 10 (484,000 CPD). This location offers excellent visibility & signage to roughly 21,000 cars per day and offers multiple in/out access points into the property.

Blocks from 1.2 Million Sq Ft Plaza West Covina Mall & Marketplace at the Lakes – Excellent Retail Synergy – The property lies within a strong retail trade area and is only a couple of blocks from Plaza West Covina, a 1.2 million square foot regional mall anchored by Macy’s, JCPenney, Sears, Best Buy, the newly opened XXI Forever flagship store, and Nordstrom Rack, as well as co-tenants including H&M, Sephora, M.A.C., Hollister, Express, American Eagle Outfitters, and more. 

Located in the City of West Covina – Centrally Positioned Between Los Angeles, San Bernardino & Orange Counties – Surge in Redevelopment – The property is located in the City of West Covina, in Los Angeles County. Strategically located at the heart of the San Gabriel Valley, West Covina is centrally positioned between the major metropolitan hubs of Los Angeles, San Bernardino, and Orange Counties, and has 4 miles of highly accessible and visible freeway frontage along Interstate 10. 

 

The City of West Covina’s Redevelopment Agency has completed numerous redevelopment projects ranging from City municipal buildings, office parks, shopping centers, and more. The Redevelopment Agency’s efforts have resulted in several major office buildings in the city, such as “The Lakes”, in addition to two new community shopping centers, freestanding retail developments, restaurants, residential projects, and the Auto Plaza.

 


Ryan Barr

rbarr@lee-associates.com
O. 760.448.2446
F. 760.929.9977

Ryan Bennett

rbennett@lee-associates.com
O. 760.448.2449
F. 760.929.9977