Credit Union Buys Burbank Office Building

An office building in Burbank has sold to Burbank City Federal Credit Union for $3.75 million, according to brokerage Lee & Associates-LA North/Ventura. The 9,410-square-foot building at 1918 W. Magnolia Blvd. will provide expansion space for the credit union, which occupies an adjacent location. The sales price represents nearly $400 a square foot, compared to the median price of $271 a square foot for office buildings in the San Fernando Valley, according to Lee & Associates. 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. Managing Director Scott Romick and Stephen Geiger of Lee-LA North/Ventura represented seller PHSF Realty. Kyle Barratt and Gerard Poutier of CBRE represented the credit union.