The free-standing, 45,000-square-foot LA Fitness Meadowlands building in Secaucus traded this week for $16.4 million, announced Cushman & Wakefield, Inc.'s Metropolitan Area Capital Markets Group. One Liberty Properties, Inc. (NYSE: OLP) purchased the asset at 485 Harmon Meadow Blvd. from Hartz Mountain Industries.
Metropolitan Area Capital Markets Group members Andrew Merin, David Bernhaut, Gary Gabriel and Jared Zimmel orchestrated the sale of this state-of-the-art LA Fitness facility, which is one of the fastest-growing fitness chains in the nation. Developed in 2009, the Meadowlands location is one of the chain's exclusive Signature brand clubs.
"One Liberty Properties took advantage of a compelling opportunity to purchase a net-leased, single-tenant retail property with more than 12 years of remaining term - in one of the country's most densely populated markets," Zimmel said.
The LA Fitness Meadowlands building is part of the 200-acre, master-planned Harmon Meadow complex, which is located five minutes from Manhattan and includes 4 million square feet of retail office, hotel, entertainment and convention space. Completed in 2009, the building features best-in-class construction and sits adjacent to a 1,000-space parking garage. It offers excellent visibility and primary access from Route 3, near the NJ Turnpike and Route 17.
"We have a long and productive relationship with numerous Cushman and Wakefield offices, and this transaction is a great example of them bringing us a deal we couldn't turn down," says Emanuel Stern, president and COO for Hartz Mountain Industries. "We are pleased to welcome One Liberty as a property owner in our Harmon Meadow complex, which continues to delight users in every class of commercial real estate."
"Harmon Meadow is an excellent location for LA Fitness, given the captive consumer base within this large-scale commercial development," Merin said. "Quality retail properties always trade well in this market, and with very little product coming online it is no surprise that this offering drew competitive bidding."
Cushman & Wakefield's Metropolitan Area Capital Markets Group, based in East Rutherford, N.J., specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $16 billion worth of transactions since 2000.