The building that hosts an LA Fitness gym in Newbury Park has sold for an undisclosed price.
The 37,346-square-foot retail building is in the Village at Newbury Park shopping center at 2715-2725 Teller Road. The building had been listed on the market for $15 million.
Richard Rizika and Yvonne Shum of Beta represented the seller, Academy Road LLC. Mark Thiel of Marcus & Millichap in San Diego represented the buyer, AHS Property Inc.
The building is leased to LA Fitness through 2034.
“This property represented a tremendous opportunity for an investor to acquire a single-tenant leased investment in an affluent Southern California community,” Rizika said in a statement. “The buyer was attracted to the new development, freeway visibility and overall demographics of the area.”
The Village at Newbury Park, a 575,644-square-foot regional shopping center, came online earlier this year. Other tenants include a Target, Home Depot, Staples, Lowe’s and PetSmart.