Worchell Hollywood Properties bought one of the largest off-campus single-tenant medical buildings in Burbank for $14.3 million, or nearly $600 per square foot.
The Toluca Lake Health Center, located at 4323 Riverside Drive, is currently fully leased by the Board of Regents of the University of California and occupied by UCLA Health.
CBRE represented both the seller, the Motion Picture & Television fund, and the buyer.
“This presents a very rare opportunity for the new buyer to benefit from the scarcity of new competing product coming into this market, said Patrick Wade, one of the brokers on the buy side. “Multiple factors are at work to limit new medical office development within the Burbank and Toluca Lake submarket.”
The immediate neighborhood maintains a vacancy rate lower than 4 percent, according to CBRE. Beloved local diner, Bob’s Big Boy restaurant, is a quarter mile down the street.
The nearly 24,000-square-foot property comes with 102 parking spaces.
New developments underway in Burbank’s Media District include a new luxury multi-family development with 241 units at 3401 West Olive Avenue by developer Michael Cusumano. It will boast a Whole Foods as its retail tenant.