CBRE’s Investment Properties-So Cal team is pleased to announce the sale of an 82% leased Multi-Tenant Medical Office Building located at 3600 Verdugo Rd., Glendale, CA at a price of $10,975,000 ($409 PSF). It traded at an in-place cap rate of 4.35%.
Mark Shaffer, Gary Stache, Anthony DeLorenzo and Doug Mack of CBRE represented the seller, Dunham & Associates Investment Council. The buyer, an investor in a 1031 exchange was represented by an outside broker.
Seller Quote:
“I was very pleased with the IP-SoCal team’s approach to marketing 3600 Verdugo. They made it easy for investors and brokers to access their high quality marketing materials which ultimately generated multiple offers resulting in a premium sale price to a qualified 1031 exchange buyer. Their professionalism and persistence brought this challenging sale to a successful close.”
Jeff Dunham
Specifics of the Transaction are as Follows:
- Offers: 3
- Offering Packages Downloaded: 232
In the third quarter of 2016 we have seen a major uptick in 1031 exchange activity. We are currently tracking 481 tax deferred exchange buyers. If you are interested in maximizing the value of one of your assets, please give us a call.
Since 2011, our team has sold 173 transactions valued in excess of $1.6 Billion.
Contact Information
Gary Stache
Lic. 00773736
+1 949 725 8500
gary.stache@cbre.com
Mark Shaffer
Lic. 01253743
+1 213 613 3758
mark.shaffer@cbre.com
Anthony Delorenzo
Lic. 01706686
+1 949 725 8425
anthony.delorenzo@cbre.com
Doug Mack
Lic. 01804065
+1 949 725 8571
doug.mack@cbre.com
Nicholas Svendsen
Lic. 01940653
+1 949 725 8471
nicholas.svendsen@cbre.com
San Diego
Matt Pourcho
Lic. 01705763
+1 858 546 4622
matt.pourcho@cbre.com
Specializing in the Sale of Low Rise Office and Industrial Properties in Southern California
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
