CBRE Announces $15.75-Million Sale of Office Property in Burbank

CBRE has announced the sale of a 77,988-square-foot office property at 601-607 Glenoaks Blvd. in Burbank. The property was acquired by All for Health, Health for All, Inc. for $15.75 million.

CBRE’s Kyle Barratt, Mark Perry, Edward Matevosian and Michell Tutor, in collaboration with Lee & Associates, Scott Romick and team represented the private seller, 601 Glenoaks, LLC, in the transaction. LA Premier Group represented the buyer.

The office project comprises two buildings: a four-story structure totaling 68,531 square feet and a single-story building measuring 9,457 square feet. The property also includes a multi-level, semi-subterranean parking structure with 250 spaces.

“The property generated strong interest from multiple owner-users,” said Barratt. “Opportunities to acquire office assets in fundamentally strong markets like Burbank are increasingly rare. User demand continues to be a driving force behind sales activity throughout the Tri-Cities and greater San Fernando Valley, and this transaction reflects that momentum.”

At the time of sale, the property was 62% leased, with a weighted average lease term of 3.87 years. This value-add opportunity offered the buyer the ability to occupy the vacant portion of the building for its own operations, while benefiting from existing tenancy in a prime location within Burbank.

According to CBRE Research, despite the continued high vacancy rates, sales of office assets in Greater Los Angeles increased by 37% in volume and 38% in deal count quarter-over-quarter.

Information sourced from CBRE. To learn more, contact Claudia.Lippman@cbre.com.