Updated Oct 29, 2024
Pendulum Property Partners Purchases Burbank Asset From Ocean West Capital Partners For $61.5M
2901 W Alameda Ave, Burbank, CA, 9...
$61,500,000
$492/SF
Building Size
124,785 SF
Asset Type
Office
Closing
May 26, 2021
About this deal
AI
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.
On the Map
$61,500,000
$492/SF
Office
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Players
Burbank Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93