Burbank, CA – January 13, 2021 -- Lee & Associates, a leading commercial real estate brokerage firm, has negotiated the sale of two office buildings located in Burbank, California. Located at 4115 West Burbank and 120 Cypress Avenue, the aggregate value for both totaled $5.7 million.
“Even with a pandemic happening around us, buildings are still very integral to many businesses,” said
Darren Casamassima, Principal, Office Brokerage Group, Lee & Associates, who represented entities in both transactions. “Being your company’s landlord gives you much more control over operating expenses and rental rates – keeping costs lower and less volatile.”
With the assistance of broker Casamassima, Smart Business Solutions, the leading provider of home health and consulting, bought 4115 West Burbank for $3 million. The new 7,319 square foot, two-story, creative space dense with 22 private offices with polished concrete floors, high ceilings and exposed HVAC. The free-standing office building with a private rooftop deck will serve as an incubator for healthcare entrepreneurs.
“Companies like Smart Business Solutions are investing in properties to bring all of their expertise under one roof. They chose a great location and a building with the infrastructure in place to support their innovation,” said Casamassima. “As a result, this property was turnkey for their business model.”
Additionally, even during the height of the current pandemic, Casamassima represented an undisclosed buyer in the $2.7 million sale of an 8,188 gross square foot creative office building located at 120 Cypress Avenue. The property is just two blocks west of the 5 Freeway in the heart of Burbank and is ideally located in the entertainment center of the San Fernando Valley, billed as the “Media Capital of the World.” A $1 million renovation was completed in 2015 with high-end finishes, custom-built furniture throughout and ADA Compliant improvements including a wheelchair lift. Marcus & Millichap represented the seller, Capacity Studios.
About Lee & Associates - LA North/Ventura, Inc.
Celebrating 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada. With more than 900 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Lee & Associates-LA North/Ventura, Inc. provides industrial, office, retail and multifamily/investment and development land brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. For more information, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.