Fondo Atlas takes over LA Fitness Plaza in Palm Beach Gardens

The LA Fitness Plaza in Palm Beach Gardens has been purchased for $25 million by Fondo Atlas. The 105,453 square foot retail center is located on 14 acres at 7100 Fairway Drive. Trading for a little under $240 per sqf, the center sits at the entrance to PGA National Resort & Spa. In addition to LA Fitness, tenants include Tunie’s Natural Grocery, Hurricane Grill & Wings, Pita Grill, and Green Turtle Luxury Hand Car Wash. Holliday Fenoglio Fowler represented the seller, Barings Real Estate Advisers on behalf of an institutional investor. The deal was concluded with a $17 million mortgage provided by Miami Lakes-based BankUnited. “LA Fitness Plaza performed well and delivered attractive returns for our client during our ownership period,” said Dave Romano, managing director at Barings Real Estate Advisers. “The HFF team did an excellent job marketing the property for sale, and we wish Fondo Atlas much success with the property going forward.”