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September 26, 2018
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Burbank Office Asset Goes for $400/sf


A 9.4k sf office building in Burbank has traded for $3.75 mil, nearly $400/sf. The building, at 1918 W. Magnolia Blvd, was purchased by Burbank City Federal Credit Union, which is expanding from an adjacent location.

The two-story property was constructed as a multi-tenant building, and was fully leased at the time of the sale to six tenants on short-term leases. It is located west of I-5 and north of the 134 Fwy.

Scott Romick and Stephen Geiger of Lee & Associates-LA North/Ventura represented the seller, PHSF Realty LLC. The buyer was repped by Kyle Barratt and Gerard Poutier of CBRE.

“The configuration, along with the strength of the rental market in Burbank, attracted a number of investors as well as owner-users,” noted Geiger. The median sale price for office buildings in the San Fernando Valley as of the third quarter was $271 per square foot, up from $211 per square foot in the year-ago period.

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