Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of EoS Fitness, a 38,000-square-foot net-leased property located in Tempe, Arizona. According to John Vorsheck, regional manager of the firm’s San Diego Del Mar office, the asset sold for $9,628,000.
Mark Thiel, senior managing director investments in Marcus & Millichap’s San Diego Del Mar office, had the exclusive listing to market the property on behalf of a private preferred developer for EOS Fitness. The out-of-state buyer, MAR Group, was procured by Thiel. Attractive long-term financing boosted yield for the buyer. The off-market transaction outperformed comparable sales throughout the pandemic. Ryan Sarbinoff, regional manager and broker of record in Marcus & Millichap’s Phoenix office, assisted in closing this deal.
Built in 2020 as a brand new built-to-suit prototype with a 15-year lease term, this property features full-service amenities including cardio cinemas, cycling studios, pools, hot tubs and more. EoS Fitness is a market leader in the high-value, low-price model. Located at 1727 West Ranch Road in Tempe, Arizona, EoS Fitness is accessible to 238,101 people with an average household income of $103,587 within a five-mile radius.