The 24,850 square foot UCLA-MPTF Toluca Lake Health Center in Burbank, Calif., recently sold for $14.3 million. (Photo courtesy of CBRE)
CBRE ANNOUNCES SALE OF ONE OF THE LARGEST SINGLE-TENANT MEDICAL BUILDING IN BURBANK, CA
Los Angeles – Dec. 7, 2016 – CBRE Group, Inc. announced the sale of one of the largest off-campus single-tenant medical buildings in Burbank, California to Worchell Hollywood Properties for approximately $14.3 million.
CBRE’s Bryan Lewitt, Chris Isola, Chris Bodnar and Lee Asher represented the seller, Motion Picture & Television Fund, a non-profit public benefit corporation. CBRE’s Patrick Wade and Alex Kozakov represented the buyer.
The property, located at 4323 Riverside Drive, sits at the border of the City of Burbank and the Toluca Lake neighborhood. The building is currently 100 percent leased by The Regents of the University of California and occupied by UCLA Health. The building is located in a high-growth area that currently maintains a 3.8 percent vacancy rate and presents a high probability of new tenancy. The property offers a significant advantage over other medical facilities in the area with 102 parking spaces and a higher than usual parking ratio. Parking is currently free to patients and employees, which is a rare amenity in a market that typically charges for any kind of parking.
“Multiple factors are at work to limit new medical office development within the Burbank and Toluca Lake submarket,” says Wade. “This presents a very rare opportunity for the new buyer to benefit from the scarcity of new competing product coming into this market.”
The city of Burbank is a high-demand and dynamic market. A number of new developments are in the final planning or early construction phases both in the Media District and throughout the area. Less than a mile from the property, a new luxury, multifamily project is underway, which includes 241 units and Whole Foods as its exclusive retail tenant. In addition, the Burbank airport is pursuing a new terminal project which could replace the existing terminal with a new state-of-the-art space.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at
www.cbre.com.
The CBRE U.S. Healthcare Capital Markets Group acted as the exclusive advisor for the sale of the UCLA-MPTF Toluca Lake Health Center in Burbank, California.
The CBRE U.S. Healthcare Capital Markets Group is pleased to announce the sale of UCLA-MPTF Toluca Lake Health Center (the “Property”) in Burbank, California. Chris Bodnar and Lee Asher of the CBRE U.S. Healthcare Capital Markets Group partnered with Bryan Lewitt and Chris Isola from the CBRE Southern California Healthcare Services team as the Seller’s exclusive advisors.
The Property is a trophy outpatient medical office building located in one of the most prominent real estate markets in the world – Burbank, California. It was constructed in 1994 and is anchored by UCLA Health, an academic health system which is comprised of four hospitals, a medical school, a nursing school, and an extensive primary care network in the Los Angeles region. The building totals approximately 24,850 square feet and consists of two floors of medical office space and two subgrade parking garage floors.
| Sale Date: | November 16, 2016 |
| Sale Price: | $14,300,000 |
| Price Per SF: | $575 |
| Building Size: | ±24,850 SF |
| Occupancy: | 100% |
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