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October 27, 2021
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Burbank Medical Office Building Bought by GPI Companies in $24 Mil Transaction

10/05/21

GPI Companies has purchased a 51k sf, on-campus medical office property in Burbank for $23.9 mil, or $468 per square foot. The property was sold by a private real estate investor.

This was the first time the property, located at 2701 W. Alameda Ave, was made available for sale since it was built more than 50 years ago. The building is 90.4% leased to a diverse mix of 22 medical tenants, with most of the space occupied by doctors on staff at Providence Saint Joseph Medical Center, located directly across the street. PSJMC is the primary market demand driver and one of the largest employers in the San Fernando Valley.

Mark Shaffer, Anthony DeLorenzo, Chris Bodnar, Lee Asher, Gerard Poutier and Cody Chiarella with CBRE represented the seller in the deal. According to Shaffer, the transaction received strong interest and multiple offers.

“Well-located assets supported by strong underlying fundamentals continue to command robust buyer interest,” noted Shaffer. “In this case, the property's value-add proposition in the near-term provides a compelling investment opportunity for the new owner to boost future value.”

Stable healthcare employment and strong medical tenant demand have helped buoy the medical office market in Greater Los Angeles and drive modest rent growth in the region, according to CBRE Research. Los Angeles’s medical office vacancy in the first half of 2021 stabilized at 10.5% and settled well-below the overall office market vacancy, according to CBRE research. Specifically, Burbank has one of the tightest medical office vacancies in Los Angeles, at 4.9%.




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