GPI Companies has purchased a 51,000-square-foot medical office building on the southern edge of Burbank.
The firm bought 2701 W. Alameda Avenue from Shawn Faeth for $23.9 million, according to the Commercial Observer. It was the first time the property had been on the market in 50 years.
The property is 90.4 percent leased to 22 tenants, most of whom are doctors on staff at nearby Providence Saint Joseph Medical Center.
GPI Companies acquired two neighboring medical office buildings in 2016 for $48 million from Volwood Properties and Guardian Life Insurance. The acquisition is GPI’s first large deal in Burbank since then.
GPI more recently purchased a North Hollywood office building for $52 million in a joint venture with DivcoWest. Local investor J.H. Snyder was the seller.
GPI is also working on a West Hollywood residential project. Its largest project in the works by far is the redevelopment of the former Amoeba Records property in Hollywood.
The firm wants to replace the retail store with a 200-unit apartment tower. The Los Angeles City Council approved the project in 2019, but GPI was sued shortly thereafter. GPI recently rented the former record store to host the popular Immersive Van Gogh Exhibit.
[CO] — Dennis Lynch