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.

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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.

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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.

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Located at 225 W. Broadway Ave., in Glendale, the122,151-square-foot property sits on 1.7 acres and is adjacent tothe Glendale Galleria and the Americana atBrand. “There is a lot of development activity going onaround the property that is generating a lot of traffic in thearea, so the market is active in the immediate area,” says Fields.In fact, Glendale was one of the top multifamily development markets last year withnearly 2,000 units in the pipeline. It is also home to severalmajor entertainment companies, including Disney,DreamWorks and ESPN, which haveattracted other entertainment and media companies as well as realestate investors to the market.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.