Lee & Associates Facilitates Sale of Mixed-Use California Property
A private investor purchased the 14,000-square-foot asset in Burbank. Managing Director Scott Romick and Principal Cory Stehr represented both parties in the transaction.
3601 Magnolia Blvd. Image courtesy of Lee & Associates
Lee & Associates – LA North/Ventura has arranged the sale of a 14,000-square-foot office and retail facility in Burbank, Calif., for $5.5 million or $389 per square foot. Managing Director Scott Romick worked on behalf of the seller, Burr Family Trust, and Principal Cory Stehr represented the buyer, a private investor. The building traded after 50 years of ownership.
The fully leased property is located at 3601 Magnolia Blvd., just off Hollywood Way and near the Golden State Freeway, roughly 2 miles from downtown Burbank. Additionally, the asset is close to bus stops on both Magnolia Boulevard and Hollywood Way. The mixed-use building encompasses office and retail suites averaging 325 square feet, each with a separate entrance.
Last week, Lee & Associates arranged the lease of a 60,043-square-foot industrial facility in the Chatsworth submarket of Los Angeles. The firm worked on behalf of the tenant in the transaction.
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