LOS ANGELES – HFF announced today that it has closed the sale of LA Fitness Riverside, a newly-expanded, 49,661-square-foot fitness center in Riverside, California.
HFF marketed the site on behalf of the seller, Westminster Arlington LLC, wholly-owned by Westminster Fund V LP. The property was purchased for $13.88 million by Cole Credit Property Trust IV, Inc.
The asset is located at 3437 Arlington Avenue with prominent frontage along Highway 91 adjacent to Tava Center, a multi-tenant retail property. Completed in 2010 and expanded in 2013, the property is adjacent to an available, undeveloped retail pad that is entitled for up to 15,000 square feet.
The HFF team representing the seller was led by managing director Bryan Ley and director John Crump.
The Westminster Funds are real estate investment partnerships for private investors and their foundations. Founded in 1996, The Westminster Funds currently comprise eight commercial income-property investment funds and two CCRC funds for development and operation of CCRCs. The 10 funds total more than $600 million of equity capitalization and own about $1 billion of property assets throughout the United States.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.