Foreign Investor Scoops Financial Center

GLENDALE, CA—An unnamed foreign investor has purchased the Glendale Financial Center from Cambra/Angelo Gordon for $27.2 million. The 122,151-square-foot property was one of the final assets in a portfolio the seller was disposing.

The sale attracted strong interest from investors, garnering a total of nine offers on the property. “Most of the buyers were looking at the asset because of the stabilized tenancy,” Lynnwood Fields, a broker at Madison Partners, tells GlobeSt.com. Fields represented the seller along with his Madison Partners colleagues Bob Safai and Matt Case. “It is 95% occupied and most of the leases are committed at anywhere from three to five years, and 65% to 75% of the building is credit tenants. So, this was viewed as a stabilized asset with quality tenants,” Fields says, noting that the property is leased to a mix of 14 tenants.