SRS Real Estate Partners announced Monday it has completed the $14.29 million sale of a newly built, 41,000-square-foot retail property occupied by LA Fitness in Linden.
The fitness center, which opened its doors in November 2023, is situated on just under 5 acres off 950 W. Edgar Road, within the Legacy Square Shopping Center.
SRS Capital Markets Managing Principals Kyle Fant and Britt Raymond, and Senior Managing Principals Matthew Mousavi and Patrick Luther, represented the seller, Dallas-based developer Cypress Equities and San Francisco-based investment firm Stockbridge Capital Group.
Josh Kanter and Tony D’Ambrosia of NNN Pro represented the private 1031 exchange buyer based in the Midwest. Chris Marks with Marcus Millichap Capital Corporation arranged CMBS financing.
Legacy Square Shopping Center is a newly built property that, in addition to LA Fitness, includes Walmart Supercenter, Chick fil A, Starbucks, Wawa, Panera, and Taco Bell, among others. This transaction marks in excess of $92 million across eight property sales as part of a break-up strategy on behalf of the seller of the asset.
“This is a high-profile fitness transaction financed through a CMBS structure, highlighting the strength and appeal of the asset,” Fant said. “This property presents the new ownership with a stable, high-quality asset within a densely populated area that is part of greater New York City market.”
Fant noted that SRS will soon be listing the two remaining outparcels at the property, which include Wawa and Spark Car Wash. This will complete the seller’s exit strategy for the center.
