Gym work out: 24 Hour Fitness-leased property in West Covina has new owner

The seller of the 37K sf property specializes in 1031 exchanges

TRD LOS ANGELES /
May.May 30, 2019 05:00 PM
Capital Square 1031 CEO Louis Rogers and 530 West Covina Parkway (Credit: 42 Floors)
Capital Square 1031 CEO Louis Rogers and 530 West Covina Parkway (Credit: 42 Floors)

A West Covina property fully leased by a 24 Hour Fitness has a new set of owners.

Capital Square 1031 — which specializes in specializes in 1031 exchanges — sold a 37,500-square-foot building at 1530 West Covina Parkway, property records show.

Two individuals, Ya Yung Yeh and Cheng Tsung Yeh, are connected to the LLCs that acquired the building: Inland Iowa Property and Capital Premier Property.

24 Hour Fitness has a long-term lease on the property. It has an option to renew three times with an 11 percent rent hike every five years.

Capital Square is a sponsor of Delaware Statutory Trusts, which allow 1031 exchange investors to use proceeds from a property sale to invest in the trust. That compares to a traditional 1031 exchange, in which one property must be replaced with another in order to defer capital gains taxes.

It announced in 2015 that the West Covina property, a DST offering, had been fully subscribed by investors.

The firm and the buyers did not immediately respond to requests for comment.

In February, the former head of Penske Automotive Group recently sold three auto dealerships in West Covina for a total of $61.2 million.


Related Articles

arrow_forward_ios
Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller with a rendering of the project

TRD Insights: Hollywood & Highland is getting a makeover. Here’s what tenants are paying now

TRD Insights: Hollywood & Highland is getting a makeover. Here’s what tenants are paying now
Gov. Gavin Newsom

Reclose the economy: Newsom shuts down malls, restaurant dine-in

Reclose the economy: Newsom shuts down malls, restaurant dine-in
Foot Traffic At Major LA Retail Arteries Down Significantly

TRD Insights: LA retail hasn’t rebounded in these major submarkets

TRD Insights: LA retail hasn’t rebounded in these major submarkets
Carson Mayor Albert Robles and a rendering of the proposed project (Credit: The city of Carson)

Simon-Macerich mall project in Carson sparks latest legal claim

Simon-Macerich mall project in Carson sparks latest legal claim
Alicia Silverstone from the film 'Clueless', 1995, and a rendering of the Beverly Center (Credit: Paramount Pictures/Getty Images, and Beverly Center via Los Angeles Times)

For LA’s malls, lawsuits could be the next crisis

For LA’s malls, lawsuits could be the next crisis
Baldwin Hills-Crenshaw Plaza mall and CIM co-founder Avi Shemesh

CIM Group backs out of mall buy after community backlash

CIM Group backs out of mall buy after community backlash
The Egyptian theater (Credit: iStock)

LA movie theaters will soon reopen, but they won’t be the same

LA movie theaters will soon reopen, but they won’t be the same
From left: Bill Shopoff, Sandy Sigal, and David Simon

Payment Gap: Retailers are reopening, but many aren’t paying rent

Payment Gap: Retailers are reopening, but many aren’t paying rent
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...