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Hager Pacific Expands Portfolio with Two Fitness Centers

Hager Pacific Expands Portfolio with Two Fitness Centers

NEWPORT BEACH, CA—Hager Pacific Properties has added two California fitness properties to its portfolio. The properties are located in Fremont and Newport Beach, Calif.

The 45,000-sq.-ft. Fremont property was initially an industrial building on a 4.1 acre lot. Fremont paid $11 million to redevelop the space into a state-of-the-art fitness center. It was then leased to 24 Hour Fitness Super Sport in a 20-year deal valued at $32 million.

The facility was created to attract the median age of the surrounding neighborhood, which is 33 years of age. Features include and indoor lap pool, basketball court and on-site child care.

In Newport Beach Hager Pacific acquired the 20,500-sq.-ft. University Athletic Club for $2 million. While nothing is finalized yet, Hager Pacific is considering turning this facility into a creative office or medical use.    

Hager Pacific worked with Axxcess-Acre on the Fremont project and Peak Corporate Network on the Newport Beach purchase.

TAGS: Investment
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