X Team International Partner Cypress Retail Group Completes Lease for First Full-Service 24 Hour Fitness SuperSport in North Hollywood
By: Identity Team
LOS ANGELES, June 22, 2011—X Team International, an international alliance of retail real estate advisors with expertise in more than 45 major markets throughout the U.S., Canada and Europe, announced today that Los Angeles-based partner Cypress Retail Group has completed a lease for the first full-service 24 Hour Fitness SuperSport in North Hollywood, Calif. X Team International partner Robert Walsh made the announcement.
The 33,000-square-foot space is located at 5300 Lankershim Blvd. at the NoHo Commons shopping center. An adaptive reuse of a former grocery store, the center’s space will be the first to feature full amenities such as a full-sized basketball court, circuit training, group cycling and an indoor lap pool. The shopping center is anchored by Wells Fargo and is connected to The Lofts at NoHo Commons apartment homes.
Walsh represented the tenant, while the landlord was represented by Eric Reuveni of Los Angeles Real Estate Group, Inc. The total value of the lease is $11 million.
The center is scheduled to open July 23 of this year.
X Team is an international alliance of retail real estate specialists with offices located in major cities throughout the U.S., Canada and Europe. X Team partners average more than 20 years of industry experience, with expertise in major markets worldwide, specializing in tenant, property and developer/landlord representation, workout services, property dispositions and retail investments. X Team services include transaction negotiation, portfolio analysis, lease valuations, acquisitions, and asset assessment and valuation. For more information, please visit www.xteam.net.
Cypress Retail Group was formed in June 1995 by Bob Haas, Scott Manclark, Bob Walsh and Dave Binney, all former retail brokers with CB Commercial Real Estate Group. Its principals created Cypress Retail Group to meet the needs of retailers, developers, property owners and restaurant operators throughout Southern California. Their experience, a combined tenure of more than 100 years, and deal-making acumen, has allowed Cypress to become one of the best brokerage companies of its kind. For more information, please visit www.cypress.net.
Headquartered in San Ramon, Calif., 24 Hour Fitness is the largest U.S. fitness club chain and a leading health club industry pioneer, serving nearly four million members in more than 420 clubs. Founded in 1983 as a one-club operation, the company is dedicated to helping members change their lives and reach their individual fitness goals. With convenient club locations, customizable personal training services, innovative group exercise classes and a variety of strength, cardio and functional training equipment – 24 Hour Fitness offers fitness solutions for everyone. Please call 1-800-224-0240 or visit www.24hourfitness.com for more information and to find the club nearest you.
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