Private Investors Acquire Fully Leased LA Fitness Retail Asset In Lake Elsinore For $11.75M

A private Southern California investor sold a fully leased 45,460-square-foot retail property located at 18550 Dexter Avenue in Lake Elsinore, CA, for $11.75 million. The property, occupied by LA Fitness, was acquired by another private Southern California investor despite having a shorter remaining lease term, attributed to its corporate-backed tenancy and strong retail location.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $11,750,000
• Square Footage: 45,460
• Price per Square Foot: $258
• Buyer's Representative: Richard Lee - R&L Properties
• Seller's Representative: Austin Blodgett & Jonathan Schiffer - RealSource Group

The sale was brokered by RealSource Group, highlighting the ongoing demand from investors for high-credit net-lease retail assets in the Inland Empire market, even as net-lease cap rates trend higher.