SRS Real Estate Partners recently finalized the sale of a brand new EoS Fitness facility for $13.3 million. The property, located at 35914 Winchester Rd in French Valley within south Riverside County, was sold by managing principals Matthew Mousavi and Patrick Luther and VP Jack Cornell on behalf of the seller – a private developer based in Southern California who had been implementing a break-up strategy for their newly developed French Valley Marketplace.
The buyer was also a private investor from Southern California, utilizing a 1031 exchange to make the purchase.
According to CoStar records, this transaction set an impressive record with its closing cap rate of 6.3%, marking it as one of the lowest cap rates seen for both EoS properties and comparable gym/fitness facilities nationwide in 2024.
Mousavi commented on this achievement: “Despite current market challenges such as financing difficulties and high interest rates, we were able to successfully bring this newly constructed property onto the market and close escrow before it even opened its doors.”
