Alameda property purchased for $2.5M

Ryan Carter

A longtime Burbank insurance broker has acquired a two-story,

20,640-square-foot office building at 217 E. Alameda Ave. for $2.5

million.

Molai Properties, LLC, a Burbank group headed by Aziz Molai, owner

of Molai Insurance Agency Inc., bought the building from Alameda

Investors, a group of four partners who built the multi-tenant

building in the mid-1980s.

The building also houses the International Institute of Los

Angeles and the Catholic Charities of Los Angeles Inc. Escrow closed

Sept. 15.

For Molai, it was a chance to expand his insurance firm after

years of successful growth.

“The buyer used to be a small tenant in that building about 15

years ago, but his business has done well, so though he was located

in Burbank, when this property came up came up for sale, he thought

it was a good opportunity to move the business,” said Mohammad

Chaudrey, the Granada Hills-based broker who represented Molai.

Molai could not be reached for comment.

“It was a partnership that wanted to dissolve it, and this was the

only way to do it,” said Robert D. Erickson of Cushman & Wakefield,

which represented Alameda Group, the sellers.

Molai runs an exclusive independent Allstate Insurance brokerage

firm. His old facility was leased space at 269 W. Alameda. The

seller, Alameda Investors, had owned the two-story office building

since it developed it in 1984.