Medical Office Building in Burbank Sells

A large single-tenant medical building in Burbank has sold for $14.3 million. The 25,000-square-foot property at 4323 Riverside Drive is at the border of the city of Burbank and the Toluca Lake neighborhood. The seller, the nonprofit Motion Picture & Television Fund, was represented by Bryan Lewitt, Chris Isola, Chris Bodnar and Lee Asher of CBRE Group Inc. CBRE’s Patrick Wade and Alex Kozakov represented the buyer, Worchell Hollywood Properties, a real estate firm. “Multiple factors are at work to limit new medical office development within the Burbank and Toluca Lake submarket,” Wade noted in a press release. “This presents a very rare opportunity for the new buyer to benefit from the scarcity of new competing product coming into the market.” The building is leased by the Regents of the University of California and occupied in full by UCLA Health. It includes 102 parking spaces, a rare advantage for medical buildings in the area.