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

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
Gov. Gavin Newsom (Getty)

Statewide curfew means more bad news for restaurants, retailers

Statewide curfew means more bad news for restaurants, retailers
Macerich CEO Thomas O’Hern and Santa Monica Place mall

Here’s what tenants are paying at Macerich’s Santa Monica Place

Here’s what tenants are paying at Macerich’s Santa Monica Place
L.A. businesses can now deny service to any patron not wearing a mask

LA businesses may deny service to those not wearing masks

LA businesses may deny service to those not wearing masks
Los Angeles County plans to clear several businesses to reopen over the next 10 days

Malls, nail salons, other LA businesses to open in next 10 days

Malls, nail salons, other LA businesses to open in next 10 days
California Market Center (Credit: Brookfield)

Brookfield lawsuit: Mom-and-pop retailers unfashionably late in paying rent

Brookfield lawsuit: Mom-and-pop retailers unfashionably late in paying rent
Macerich CEO Thomas O'Hern and Santa Monica Place mall

Macerich posts $27M loss; CEO touts physical retail

Macerich posts $27M loss; CEO touts physical retail
Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller with a rendering of the project

An analysis of rent rolls at Hollywood & Highland

An analysis of rent rolls at Hollywood & Highland
Gov. Gavin Newsom

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

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

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

Loading...