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Thursday, Nov 21, 2024

Pair of Burbank Office Buildings Fetch $5.7 Million

Two Burbank office buildings have sold for a combined $5.7 million.Smart Business Solutions, a home health and consulting provider, purchased 4115-4119 W. Burbank Blvd. for $3 million, or $410 per square feet.An undisclosed investor bought 120 Cypress Ave. for $2.7 million.Lee & Associates LA North/Ventura negotiated the sale of both properties. Darren Casamassima, principal of the Office Brokerage Group at the brokerage, represented entities in both transactions.The two-story Burbank Boulevard site, spanning 7,319 square feet, was built in 1958 and renovated in 2014.

The two-story Cypress Avenue location has 8,188 square feet of creative office space and was constructed in 2002.Comparable office building sales include 1122 N. Brand Ave. in North Hollywood, a 5,200-square-foot recording studio that sold for $1.9 million, or $370 per square foot, in February 2020; and 1901 W. Magnolia Blvd. in Burbank, a  building spanning 7,634 square feet which sold for $3.5 million, or $458 a square foot, in April 2020.

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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