CBRE arranged the $16.05-million sale of a 47,708-square-foot outpatient medical office building in Burbank to a private investor. Located at 500 E. Olive Ave., the eight-story property was 90% occupied at the time of sale by 33 tenants.
A CBRE Investment Properties team of Mark Shaffer, Gerard Poutier, Dylan Rutigliano, Anthony DeLorenzo and Chris Bodnar represented the private seller. “The opportunity to purchase an outpatient medical building in a fundamentally strong market like Downtown Burbank is rare,” said Shaffer. “Burbank is one of the top medical office markets in metro Los Angeles, and this property stands out for its tenant stability. Dentist offices comprise 45% of the building’s occupancy, with most tenants occupying their space for over 20 years, and some even since the building opened in 1971.”
The property has immediate access to the I-5 Freeway and is near multiple medical centers, including Providence Saint Joseph Medical Center, Adventist Health Glendale Hospital and Providence Holy Cross Medical Center.
