The Glendale property is the Glendale Exchange and occupies a1.4-acre site where buyer 1027 Wilshire Associates LLC of Hollywoodplans a repositioning. The new owner acquired the property fromGlendale Exchange MW of Florida for $22.5 million, according to CBRichard Ellis brokers who represented the seller.

The CBRE brokers note that the Glendale Exchange site is plannedas a repositioning effort to fit into the City of Glendale's visionfor a mixed-use urban village epicenter, which includeshigh-profile projects such as the soon to be completed Americana atBrand being developed by Caruso Affiliated of Los Angeles. Theseller was represented by Dan Riley and Sam Alison of the CBRichard Ellis Private Client Group, along with Geoff Martin of CBRichard Ellis brokerage.

The Glendale Exchange is 100% leased, with a tenant roster thatincludes a 10-screen Mann Theater that occupies almost 54,000 sf intwo buildings, along with a 6,000-sf Tony Roma's restaurant. Thenew owner has yet to complete redevelopment plans, but the CBREbrokers report that the options include the addition of amultifamily component that would support the increased demand forDowntown Glendale living, in addition to retail and office.