{"id":251,"date":"2019-09-24T11:21:09","date_gmt":"2019-09-24T18:21:09","guid":{"rendered":"https:\/\/www.lee-associates.com\/los-angeles-north\/?p=251"},"modified":"2019-09-24T11:21:09","modified_gmt":"2019-09-24T18:21:09","slug":"lee-associates-la-north-ventura-transacts-value-added-commercial-property-sale","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/los-angeles-north\/2019\/09\/24\/lee-associates-la-north-ventura-transacts-value-added-commercial-property-sale\/","title":{"rendered":"Lee & Associates-LA North\/Ventura Transacts Value-Added Commercial Property Sale"},"content":{"rendered":"

Multi-tenant property trades for $389 per square foot in Burbank, CA<\/em><\/h3>\n

\"\"BURBANK, CA \u2013 SEPT. 24, 2019 \u2013 <\/strong>A multi-tenant commercial building at 3601 Magnolia Blvd. in Burbank, CA has traded for $5,450,000 or $389 per square foot, according to Scott Romick, managing director of Lee & Associates-LA North\/Ventura, who represented the seller, and Lee Principal Cory Stehr, who represented the buyer in the transaction.<\/p>\n

\u201cThe property had been owned by the same family for over 50 years, and, along with the location in a prime commercial stretch of Burbank, and the unit types, offered tremendous upside in rents,\u201d Romick said. \u201cAs a result, we targeted our marketing to value-add buyers who would see the long-term potential of this core asset.\u201d<\/p>\n

The 14,000-square-foot property consists of office and retail suites averaging 325 square feet laid out along a courtyard, each with a separate entrance. It is located just off Hollywood Way across the street from the highly popular Porto\u2019s restaurant. It was fully leased at the time of the acquisition.<\/p>\n

\u201cThe small suite sizes are highly unusual for any submarket and especially in this highly desirable Burbank neighborhood,\u201d Stehr added. \u201cThe buyer is confident that he can achieve significant rental rate increases as is and capture new tenants for different uses down the road.\u201d<\/p>\n

The seller is Burr Family Trust and the buyer is a private investor, Arash Danialifar.<\/p>\n

\u201cWe received multiple offers on this asset,\u201d Romick said. \u201cBut the key to the success of this transaction was that the buyer delivered on his promises and on time as well. It was a pleasure to work with him.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Multi-tenant property trades for $389 per square foot in Burbank, CA BURBANK, CA \u2013 SEPT. 24, 2019 \u2013 A multi-tenant commercial building at 3601 Magnolia Blvd. in Burbank, CA has traded for $5,450,000 or $389 per square foot, according to Scott Romick, managing director of Lee & Associates-LA North\/Ventura, who represented the seller, and Lee Principal Cory Stehr, who represented the buyer in the transaction. \u201cThe property had been owned by the same family for…<\/p>\n","protected":false},"author":65,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-251","post","type-post","status-publish","format-standard","hentry","category-press-releases"],"yoast_head":"\nLee & Associates-LA North\/Ventura Transacts Value-Added Commercial Property Sale - Lee & Associates North Los Angeles<\/title>\n<meta name=\"robots\" content=\"index, follow, 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