CBRE Arranges Sale of 47,708 SF Outpatient Medical Building in Burbank

CBRE has arranged the $16.05 million sale of a 47,708 sq. ft. outpatient medical office building in Burbank, Calif., to a private investor.

CBRE Investment Properties' Mark Shaffer, Gerard Poutier, Dylan Rutigliano, Anthony DeLorenzo, and Chris Bodnar represented a private seller in the transaction.

Located at 500 East Olive Avenue, the eight-story property was 90% occupied at the time of the sale to 33 tenants, each occupying an average of 1,500 sq. ft. of space.

"The opportunity to purchase an outpatient medical building in a fundamentally strong market like Downtown Burbank is rare," said Shaffer, Senior Vice President at CBRE. "Burbank is one of the top medical office markets in metro Los Angeles, and this property stands out for its tenant stability. Dentist offices comprise 45% of the building's occupancy, with most tenants occupying their space for over 20 years, and some even since the building opened in 1971."

The property has immediate access to the I-5 Freeway and is near multiple medical centers, including Providence Saint Joseph Medical Center, Adventist Health Glendale Hospital, and Providence Holy Cross Medical Center.

According to CBRE research, as the country's population ages, the demand for outpatient medical buildings will continue to grow.