SRS Real Estate Partners announced Monday that it has completed the $14.29 million sale of a new 41,000-square-foot commercial facility in Linden that will house LA Fitness.
The fitness center, which opened in November 2023, is located on just under five acres off 950 W. Edgar Road in the Legacy Square Shopping Center.
SRS Capital Markets managing principals Kyle Fant and Britt Raymond and senior managing principals Matthew Mousavi and Patrick Luther are the seller, a Dallas-based development company. He represented Cypress Equities and San Francisco-based investment firm Stockbridge Capital Group.
NNN Pro’s Josh Kanter and Tony D’Ambrosia represented a private 1031 Exchange buyer based in the Midwest. Chris Marks of Marcus Millichap Capital Corporation arranged the CMBS financing.
Legacy Square Shopping Center is a newly constructed facility that, in addition to LA Fitness, includes a Walmart Supercenter, Chick-Fil-A, Starbucks, Wawa, Panera, Taco Bell, and more. The transaction represents more than $92 million in eight real estate sales as part of a divestiture strategy on behalf of the asset seller.
“This is a high-profile fitness transaction financed through a CMBS structure, highlighting the strength and attractiveness of the asset,” Fant said. “This property provides the new owner with a stable, high-quality asset within a densely populated area that is part of the larger New York City market.”
Fant said SRS will soon list the property’s two remaining outparcels, including Wawa and Spark Car Wash, completing the center’s seller exit strategy.
