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1/24/19
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A Glendale-based investment group paid $5.925 mil for a 14.5k sf office building in Glendale, in an off-market transaction. The transaction closed at a 3% cap rate and at a price per square foot of $409.
Located at 200 W. Glenoaks Blvd, the two-story, multi-tenant property was 100% occupied at the time of sale. The property is situated on a 34k sf parcel of land at the signalized hard corner of Central Ave in the heart of Glendale just two blocks north of the 134 Fwy.
The property was sold by a Los Angeles-based private family trust investor that developed the asset more than 40 years ago. The previous owner has used a portion of the space for its real estate business, Sterpa Property Management.
Andrew Berk and Mark Evanoff with Avison Young represented the seller in the deal. The buyer was repped by Intercity Realty Group. According to Berk, the new owner is planning to update and reposition the asset with more modern amenities and upgrades.
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