SRS Real Estate Partners recently closed the sale of a brand new retail property in Linden, NJ for $14.29 million. The 41,000-square-foot space is currently occupied by LA Fitness and sits on a 4.94-acre site within Legacy Square Shopping Center. This transaction was part of a larger strategy to break up the property.
The seller, Cypress Equities and Stockbridge Capital Group, was represented by SRS managing principals Kyle Fant and Britt Raymond along with senior managing principals Matthew Mousavi and Patrick Luther. The buyer, a private entity based in the Midwest completing a 1031 exchange deal, was represented by Josh Kanter and Tony D’Ambrosia from NNN Pro. Financing for this high-profile fitness transaction was arranged through CMBS financing by Chris Marks from Marcus & Millichap Capital Corporation.
According to Fant: “This successful sale highlights the strength and appeal of this asset as well as its financing structure through CMBS.” He also noted that the new owner will benefit from owning an established fitness center in such densely populated area within greater New York City market.
