[[{“value”:”
CBRE facilitated the sale of a 47,708-square-foot outpatient medical office building in Burbank for $16.05 million to a private investor. The eight-story property, located at 500 E. Olive Ave., was 90% occupied at the time of sale by 33 tenants.
The private seller was represented by CBRE’s Investment Properties team consisting of Mark Shaffer, Gerard Poutier, Dylan Rutigliano, Anthony DeLorenzo and Chris Bodnar. According to Shaffer: “It is rare to find an opportunity like this in Downtown Burbank – a fundamentally strong market with high demand for medical offices.” He also noted that Burbank is one of the top markets for medical offices in metro Los Angeles and highlighted the stability of tenants as a key selling point. Approximately 45% of the building’s occupancy consists of dentist offices with many long-term tenants who have been occupying their space since its opening in 1971.
The property boasts convenient access to I-5 Freeway and is situated near several major medical centers including Providence Saint Joseph Medical Center, Adventist Health Glendale Hospital and Providence Holy Cross Medical Center.
“}]]
