GLENDALE, CA—An unnamed foreign investor haspurchased the Glendale Financial Center fromCambra/Angelo Gordon for $27.2 million. The122,151-square-foot property was one of the final assets in aportfolio the seller was disposing.

The sale attracted strong interest from investors, garnering atotal of nine offers on the property. “Most of the buyers werelooking at the asset because of the stabilized tenancy,”Lynnwood Fields, a broker at MadisonPartners, tells GlobeSt.com. Fields represented the selleralong with his Madison Partners colleagues BobSafai and Matt Case. “It is 95% occupiedand most of the leases are committed at anywhere from three to fiveyears, and 65% to 75% of the building is credit tenants. So, thiswas viewed as a stabilized asset with quality tenants,” Fieldssays, noting that the property is leased to a mix of 14 tenants.

Although a foreign investor purchased this property, it doesn'tmean we'll see an up tick of foreign investors in the Glendalemarket. Usually, foreign investors are most prevalent in the largerL.A. submarkets, like downtown and West L.A.; however, Fields saysthat the location is much less important to this particularinvestor. “I have done several transactions with this group, andthey are not partial to any specific area, just as long as it is acentral business district area,” he explains.