SILVER SPRING, MD — The Greysteel Company’s Mid-Atlantic retail investment sales team led by Gil Neuman has arranged the sale of LA Fitness, a 48,000 s/f single tenant net leased gym located at 8616 Cameron St. in Downtown Silver Spring, Montgomery County. The sale price was $13.1 million. The two-story facility is built on a half-acre.
Greysteel served as advisor and agent to the seller, Washington Property Company, and procured the buyer, Excalibur Development, LLC.
“The Greysteel retail team is pleased to have secured a sophisticated investor who values the irreplaceable core real estate and its high-end long-term tenant,” said Gil Neuman, Greysteel managing director. “We congratulate both our client and the buyer on a smooth and successful transaction.”