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Worchell Hollywood Properties Makes Medical Office Buy in the East San Fernando Valley

12/12/16

Worchell Hollywood Properties recently closed on medical office buy in Burbank, paying $14.3 mil for Toluca Lake Medical Center, a 24.9k sf ($574/sf), single-tenant property. Toluca Lake Medical Center is located at 4323 Riverside Dr, at the border of the City of Burbank and the Toluca Lake community in the eastern San Fernando Valley.

The building is currently 100 percent leased by The Regents of the University of California and occupied by UCLA Health. It is located in a high-growth area that currently maintains a 3.8 percent vacancy rate and presents a high probability of new tenancy.

The property offers a significant advantage over other medical facilities in the area with 102 parking spaces and a higher than usual parking ratio. Parking is currently free to patients and employees, which is a rare amenity in a market that typically charges for any kind of parking.

CBRE’s Bryan Lewitt, Chris Isola, Chris Bodnar and Lee Asher represented the seller, Motion Picture & Television fund, a non-profit public benefit corporation. Patrick Wade and Alex Kozakov, also with CBRE, repped the buyer.

“Multiple factors are at work to limit new medical office development within the Burbank and Toluca Lake submarket,” says Wade. “This presents a very rare opportunity for the new buyer to benefit from the scarcity of new competing product coming into this market.”

The city of Burbank is a high-demand and dynamic market. A number of new developments are in the final planning or early construction phases both in the Media District and throughout the area. Less than a mile from the property, a new luxury, multifamily project is underway, which includes 241 units and Whole Foods as its exclusive retail tenant. In addition, the Burbank airport is pursuing a new terminal project which could replace the existing terminal with a new state-of-the-art space.






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