JUST SOLD
2701 West Alameda Avenue | Burbank, CA
CBRE’s Investment Properties–California/Arizona/Nevada team is pleased to announce the sale of 2701 W. Alameda Avenue in Burbank, California, for $23.9 million ($468 PSF). The 50,986-square-foot medical office project was available for sale for the first time since it was built more than 50 years ago. At the time of sale, the project was 90.4% leased to a diverse mix of 22 medical tenants, with most of the space occupied by doctors on staff at Providence Saint Joseph Medical Center, located directly across the street.
Mark Shaffer, Anthony DeLorenzo, Chris Bodnar, Lee Asher, Gerard Poutier, and Cody Chiarella with CBRE represented the seller, a private real estate investor. The buyer was GPI Companies, a locally-based, full-service commercial real estate investment, development, and operating firm.
“The transaction received strong interest and multiple offers,” said Shaffer. “Despite potential return-to-work concerns, well-located assets supported by strong underlying fundamentals continue to command robust buyer interest. In this case, the property’s value-add proposition in the near-term provides a compelling investment opportunity for the new owner to boost future value.”
Stable healthcare employment and strong medical tenant demand have helped buoy the medical office market in Greater Los Angeles and drive modest rent growth in the region, according to CBRE Research. “Healthcare investors continue to target markets with strong tenant demand and proximity to a dominant hospital campus. The 2701 W Alameda property is very well positioned for the future,” added Bodnar.
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Don’t miss out on the next investment opportunity.
Mark Shaffer
Lic. 01253743
+1 213 613 3758
mark.shaffer@cbre.com
Anthony DeLorenzo
Lic. 01706686
+ 1 949 725 8425
anthony.delorenzo@cbre.com
Gerard Poutier
Lic. 02035565
+1 818 907 4629
gerard.poutier@cbre.com
Gary Stache
Lic. 007773736
+1 949 725 8532
gary.stache@cbre.com
Doug Mack
Lic. 01804056
+1 949 725 8571
doug.mack@cbre.com
Bryan Johnson
Lic. 02018612
+1 949 809 3762
bryan.johnson@cbre.com
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