Leased Offices Fetch $2M

BURBANK, CA-A local investor has sold a fully leased, 15,000-sf office building here to a family trust for $2.15 million, according to Cushman & Wakefield.

Cushman & Wakefield broker Robert D. Erickson, who brokered the sale, says the seller had owned the property, known as The Hartley Building, since it was built in 1986. The building stands on a half-acre lot at 209 E. Alameda Ave. near San Fernando Boulevard. It is of two-story concrete and glass construction and was acquired by the new owner in a 1031 exchange. The buyer recently sold three smaller industrial buildings in the area, according to Mike and Tony Maniscalchi of Stevenson Real Estate Services, who represented the buyer.

The building’s tenants include a variety of small and medium size entertainment industry companies, and its 100% occupancy stands in stark contrast to the 24.7% vacancy rate in the Burbank City Center submarket, according to Cushman & Wakefield’s third quarter statistics.