A medical office building in Burbank, Calif., has sold for $16 million, according to a Dec. 12 report from LA Business First.
The outpatient facility was sold to a private investor. The 47,700-square-foot facility is 90% occupied by more than 30 tenants.
About 45% of the office is occupied by dentists, and several tenants have occupied their respective spaces for more than 20 years.
In the Los Angeles area, medical outpatient building sales surpassed $351 million between the third quarter of 2023 and the second quarter of 2024. However, transactions fell 16.2% year over year for that same period, the report said.
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