CBRE recently closed the sale of LA Fitness & Shoppes, a retail property located in north Seattle. The 51,329-square-foot multi-tenant property was sold for $13.9 million to a private investor.
The transaction was facilitated by CBRE brokers Dino Christophilis and Daniel Tibeau on behalf of the seller, Madison Development. Madison Development is a well-known real estate development firm based in Seattle that specializes in commercial and multi-family properties.
According to Christophilis, the property’s prime location and high-quality tenants make it an attractive investment opportunity with potential for future growth due to ongoing housing and population expansion in the area. He also noted that several major retailers have recently moved into this submarket, demonstrating its resilience.
Sitting on 3.72 acres at 13244 Aurora Ave N., LA Fitness & Shoppes consists of two buildings: one leased by LA Fitness (45,000 square feet) and another pad building (6,329 square feet) fully occupied by Jersey Mike’s Subs restaurant chain as well as IRG Physical Therapy and T-Mobile stores.
In summary:
CBRE has successfully completed the sale of LA Fitness & Shoppes – a retail property situated in north Seattle – for $13.9 million to a private investor.The deal was brokered by CBRE agents Dino Christophilisand Daniel Tibeauon behalf of seller Madison Development,a renowned real estate development company specializingin commercialandmulti-family propertiesinSeattle.”LAFitness&Shoppeshas premium tenancyin an area experiencing continuousgrowthof housingandpopulation,” statedDino A.Christophilisof CBRE.”Thesubmarkethas demonstratedresiliencywiththe recentarrivalof numerousbig-boxretailers,andwe are delightedwiththe outcomefor both parties.”
Locatedat13244AuroraAve.N,thepropertycovers3 .72acresandcomprisesof twobuildings:oneleasedtoLA Fitness(45,000squarefeet) andanotherpadbuilding(6,329squarefeet)fullyoccupiedbyJerseyMike’sSubsrestaurantchainaswellasIRGPhysicalTherapyandT-Mobilestores.
