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Pendulum Property Partners Purchases Burbank Asset From Ocean West Capital Partners For $61.5M

Property Image
SOLD
$61,500,000
Rob Hannan
Laura Stumm
Kevin Shannon
+ 1

California

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Office124,785 SF
Sold 05/26/2021
the dealplayerscompscontact
Property Image
SOLD

Pendulum Property Partners Purchases Burbank Asset From Ocean West Capital Partners For $61.5M

2901 W Alameda Ave, Burbank, CA, 9...

See Similar Deals
Office124,785 SF
Sold 05/26/2021
Rob Hannan
Laura Stumm
Kevin Shannon
+ 1
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$492
Total Square Footage:124,785 SF
Transaction Type:Sale

The property asset involved in the transaction is located at 2901 W Alameda Ave, Burbank, CA. This transaction was completed for a total of $61,500,000. The property encompasses a total square footage of 124,785 and is situated in the Burbank market.

Summary of transaction details:

  • Property Type: Sale
  • Transaction Amount: $61,500,000.00
  • Square Footage: 124,785
  • Address: 2901 W Alameda Ave, Burbank, CA
  • Market: Burbank
  • Seller: Ocean West Capital Partners
  • Buyer: Pendulum Property Partners
  • Seller's Representatives: Ken White (Newmark), Kevin Shannon (Newmark), Laura Stumm (Newmark)

The deal involved Pendulum Property Partners as the buyer acquiring the asset from Ocean West Capital Partners, with the representation of the seller by brokers Ken White, Kevin Shannon, and Laura Stumm, all affiliated with Newmark.

Players

Ken White
Newmark
Ken White
96 deals$6.1B volume
BROKER
Laura Stumm
Newmark
Laura Stumm
44 deals$3B volume
BROKER
Rob Hannan
Newmark
Rob Hannan
46 deals$3.3B volume
BROKER
Kevin Shannon
Newmark
Kevin Shannon
136 deals$9.1B volume
BROKER
PP
Pendulum Property Partners
BUYER
OP
Ocean West Capital Partners
SELLER

Details

SOLD
IMAGE: 2901 W Alameda Ave, Burbank, CA, 9... MARKET: Burbank SELLER'S REP: Ken White(Newmark), Kevin Shannon(Newmark), Laura Stumm(Newmark) BUYER: Pendulum Property Partners SELLER: Ocean West Capital Partners PRICE: $61,500,000.00 SF: 124785

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,280,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$218,496.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$291,541.38
Annual Debt Service$3,498,496.51