GPI looks for big return on 110K sf Burbank medical complex

Asks $115M for two buildings with 97% occupancy

GPI Companies’ Drew Planting and Cliff Goldstein (GPI, Loopnet)
GPI Companies’ Drew Planting and Cliff Goldstein (GPI, Loopnet)

UPDATED, April 7, 2022, 12:31 p.m.: GPI Companies is looking to more than double its money on two medical office buildings in Burbank.

The L.A.-based commercial investor has put a two-building complex at 2601 and 2625 West Alameda Avenue up for sale, with an asking price of $115 million, according to Real Estate Alert. GPI Companies declined to comment.

The company bought the two buildings, which total 110,000 square feet in size, for $48 million in 2016, public records show. Volwood Management Company sold the properties.

If the property sells at its asking price, GPI Companies would rake in $1,045 per square foot, which would be on par with recent medical office sales across L.A.

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In October, Meridian Property and Morgan Stanley purchased a 67,510-square-foot medical office building in Beverly Hills for $81.5 million — around $1,207 per square foot.

Around 97 percent of the building is leased, according to JLL, which is marketing around 2,800 square feet of the property for lease and sublease. Tenants at the complex include Providence Medical Institute, which uses space for a women’s health center, UCLA Health and Quest Diagnostics.

GPI Companies purchased a 51,000-square-foot building at 2701 West Alameda Avenue from Shawn Faeth last year for $23.9 million — its first major deal in Burbank since it bought a 102,000-square-foot building at 2835 North Naomi Street in 2016. GPI sold that property for $42.2 million last year.

Elsewhere in L.A., and outside the office sector, GPI is building a 46-unit  residential complex in West Hollywood, which is set to include ground-floor retail and restaurant space.