The deal, which is valued at $11.9 million, involves the 965 E. Birch St. building, which was previously occupied by the movie theater and currently serves as the Brea Improv space. 24 Hour Fitness will be moving into the space from its current spot across the street at 910 E. Birch St. The new location is scheduled to open in late summer of this year.

Kevin Maguire of Maguire & Associates represented 24 Hour Fitness. The landlord, National Retail Partners, was represented by two CB Richard Ellis brokerage teams, consisting of Jeff Moore, John Mehigan, Scott Horsley, Jennifer Bobier, Jim Duke, Carol Schillne and Shannon North.

The velocity of deals and tenants in the retail market have plummeted in recent months, according to a recent report by Grubb & Ellis Co. "For the tenants that remain in the market (and most will), this creates significant opportunities to reposition stores to serve the needs of the changing market," the report points out.