NEWPORT BEACH, CA—Hager Pacific Properties has added twofitness properties to its portfolio. The properties are located in Fremont and Newport Beach, Calif.
The 45,000-sq.-ft. Fremont property was initially an industrial building on a 4.1 acre lot. Fremont paid $11 million to redevelop the space into a state-of-the-art fitness center. It was then leased to 24 Hour Fitness Super Sport in a 20-yearvalued at $32 million.
The facility was created to attract the median age of the surrounding neighborhood, which is 33 years of age. Features include and indoor lap pool, basketball court and on-site child care.
In Newport Beach Hager Pacific acquired the 20,500-sq.-ft. University Athletic Club for $2 million. While nothing is finalized yet, Hager Pacific is considering turning this facility into a creative office or medical use.
Hager Pacific worked with Axxcess-Acre on the Fremont project and Peak Corporate Network on the Newport Beach purchase.