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New lease marks turnaround of $17.8M deal

By   /   Friday, December 5th, 2014  /   Comments Off on New lease marks turnaround of $17.8M deal

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Camarillo Plaza

The Camarillo Plaza shopping center, which recently welcomed a new tenant. (Photo courtesy CBRE)

Passing through Camarillo, commuters will soon have another reminder of their post-holiday weight loss goals as Fitness 19, a national health club chain, recently signed a 10-year lease for almost 20,000 square feet in the Camarillo Plaza Shopping Center.

The lease also helps cement the turnaround of previously bankrupt retail property.

“We are excited to welcome Fitness 19 to Camarillo Plaza,” said Peter Cohen, president of Cardinal Equities and agent for the property owner DP Grand Camarillo Center. “They are an excellent addition to our shopping center, which thanks to the hard work of our leasing team, is almost fully leased only one year after our acquisition.”

Camarillo Plaza community shopping center was sold out of bankruptcy to an undisclosed Beverly Hills buyer for $17.8 million after receiving 20 separate offers last year. Cohen represented the buyer in that deal.

The property, which was first listed for sale in February 2012, was put into bankruptcy following high vacancies during the recession, the Business Times previously reported.

“This is a well-positioned location for a fitness user, offering tremendous freeway identity,” says CBRE Senior Associate Scott Siegel. “Fitness 19 acted quickly on the opportunity and will become the anchor tenant in this unique shopping center.”

Fitness 19, headquartered in Glendale, Arizona, was founded in 2003 and has location in 26 states, with 59 gyms in California.

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