Lee & Associates-LA North/Ventura Transacts Sale of L.A. Area Office Building to Owner-User
Two–story building with fully leased ground floor attracts four offers
BURBANK, CA – June 18, 2015 –Scott Romick and Paulette Toumazos, principals of Lee & Associates-LA North/Ventura, transacted the sale of a two-story office building totaling 7,742 square for over $2 million after receiving four offers on the property.
The Lee team represented the buyer and seller, both owner-users, in the transaction at 3111 W. Burbank Blvd. in the city of Burbank, CA.
“This property offered a number of attractive features as well as a revenue stream, making it a great option for the buyer who was considering leasing as well as a purchase option,” said Romick.
The ground floor of the property was fully leased to three quality tenants, allowing the buyer to realize a revenue stream while providing the entire second floor for its business use.
The building is located close to Bob Hope Airport and downtown Burbank, and it was recently renovated with a new roof, façade and bathrooms. It also has ample covered parking, which is not typically available with buildings of this size.
“These types of owner-user properties are rarely available for sale, so it generated a good deal of interest,” said Toumazos.