Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of a freestanding 46,000-square-foot LA Fitness in Glendale, Arizona. The $12.5 million sales price equates to $272 per square foot.
“This is a seasoned club in a dominant corridor location,” says Mark Ruble, senior vice president investments in Marcus & Millichap’s Phoenix office. “Our close evaluation of its attributes revealed it to be an excellent match for the buyer, an investor that we’ve procured assets for previously.”
Ruble, along with Jamie Medress, also a senior vice president investments in the firm’s Phoenix office, and Mark Thiel, vice president investments in San Diego, represented the seller. Don Morrow, regional manager of Marcus & Millichap’s Phoenix office, is the firm’s broker of record in Arizona.
The property is located inside a shopping center within one of Glendale’s busiest retail hubs. Retailers in the immediate area include Carrabba’s Italian Grill, Sherwin Williams, Brake Masters, M&I Bank, Famous Sam’s, Tutor Time and more.
An AAA regional operations center, which has 1,400 employees and is one of the city’s top employers, is across the street and the master-planned Arrowhead Ranch community is nearby.
Built in 1996 on just under five acres, this LA Fitness location was expanded in 2001 and renovated in 2010.