PHOENIX—Faris Lee Investments has completed the $12 million sale of a 45,000-square-foot, single tenant, NNN-leased retail property occupied by LA Fitness in Goodyear.

Chris Tramontano, Patrick Luther and Matthew Mousavi of Faris Lee Investments represented the seller, DTD – Devco 9, LLC, out of Scottsdale. The buyer, a private family trust from Los Angeles, was represented by Republic Commercial Real Estate. The buyer was in a 1031 exchange up-leg with a property out of California and placed a small loan on the asset to cover debt as part of its 1031 exchange. The closing cap rate was 6.8 percent.

LA Fitness is on a long-term 15-year lease with approximately 11 years remaining on its initial term. Built in 2009, the property is located at 1382 South Cotton Lane at the signalized hard corner intersection of South Cotton Lane and West Yuma Road and near Interstate 10. The asset offers unobstructed street visibility with monument signage.