The buyer, Square Foot XIV, has paid seller N. Hasegawa Inc. $4 million for the 17,854-sf building. 24 Hour Fitness is a long-term tenant here, having inked a 20-year lease with three five-year options in 1992.
In the recent sales transaction, Square Foot XIV was represented by Cliff West of Colliers International's Cleveland affiliate. Phil Wise and Brian Driscoll of Colliers International's San Diego office acted on behalf of the seller N. Hasegawa Inc., in care of Mitsui Real Estate Sales.
Founded as a one-club operation in 1983, 24 Hour Fitness is now the world's largest privately owned and operated fitness center chain. The company, which has more than 2.7 million members, currently operates more than 300 facilities located in the United States, Europe and Asia.
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