Goldstein Planting Investments has snagged a 96,000-square-foot Burbank medical complex for $48 million, The Real Deal has learned exclusively.
The company, headed by Cliff Goldstein and Drew Planting, acquired the two buildings, at 2601 and 2625 W. Alameda Street, as well as an adjacent parking structure from Volwood Properties and Guardian Life Insurance Company. Volwood was the majority partner, while Guardian owned a 50 percent stake in 2601.
Joel Frank of CBRE brokered the sale.
Brett Vollstedt of Volwood said that it was time to move on from the properties, which the company developed between 1978 and 1987. He said the company plans on making a new investment through a 1031 exchange. The buildings are largely leased to small medical offices.
Planting told The Real Deal that GPI plans to upgrade the common spaces and repaint the facades of the two buildings and landscape the outdoor spaces.
“We want to enhance its image in the market,” he said. “The building has good bones. We just want to make it more inviting and attractive.”
Among GPI’s recent deals was the flip of the Coca-Cola manufacturing plant at 963 E. Fourth Street in downtown L.A.’s Arts District to Hudson Pacific last year.