A Burbank office building has sold for $2.6 million.
The Hirth Group at Keller Williams transacted the sale of 2221-2225 W. Olive Ave., a 17-unit multi-tenant, mixed-used complex.
The building, located on a corner lot, covers approximately 7,478 square feet.
Ethan Donel, Alex Reyhan and Daniel Hirth represented both the undisclosed seller and the buyer, Genx Holdings LLC.
“This property is a legacy building that hasn’t been sold in the past 40-plus years,” Donel, senior associate at Keller Williams Commercial in Santa Monica, told the Business Journal. “Through our rigorous marketing strategy and intense negotiation techniques, the team was able to procure a buyer who was willing to go non-contingent and close in 14 days.”
Donel added that the buyer’s motivation to purchase the asset stemmed from his existing portfolio in the immediate area while the seller wanted to recoup capital.
Donel said that new owner Genx Holdings hopes to “bring life back into the property.”