24 Hour Fitness property sold

Developer unloads asset

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Faris Lee Investments facilitated the sale of a 44,375-square-foot 24 Hour Fitness facility in Scottsdale, Ariz. The value of the transaction was approximately $12.8 million. The property, located at 13220 N. Scottsdale Road, is a single-tenant facility situated on 6.5 acres. 24 Hour Fitness is on a long-term lease at the site, which was built in 1994. San Francisco, Calif.-based Cambra Development et al. sold the property to Costa Mesa, Calif.-based Bay Harbor Management. Irvine, Calif.-based Faris Lee Investments is an advisory and brokerage firm specializing in retail real estate. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....