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Investors Bulk Up with La Verne Purchase

LA Fitness Center Sale Bench Presses an impressive $16.3M
By Ginny Spevak-Scheitt
November 19, 2002 | 4:13 P.M.

Kim and Jean Mar acquired 1165-1275 Foothill Blvd. in La Verne for $16.3 million or just under $225 a square foot. The 72,705-square-foot neighborhood/ community center is anchored by LA Fitness and includes a Starbucks, IHOP, and Radio Shack. The GSI at the time of sale was $1.8 million per year and featured a cap rate of 8.56%. The buyer represented itself, in-house. David Lee, Shaun Riley, and Pat Kent of Faris Lee Investments represented seller, La Vern BT (LLC).

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