Updated Oct 28, 2024
Pendulum Property Partners Acquires Burbank Office Building For $61.5M
2901 West Alameda Avenue, Burbank, CA 91505
$61,500,000
$492/SF
Building Size
124,785 SF
Asset Type
Office
Closing
May 26, 2020
About this deal
AI
The office building located at 2901 W. Alameda Ave. in Burbank has been sold for a total price of $61,500,000. The transaction took place on May 26, 2021. The property spans a total of 124,785 square feet, resulting in a price per square foot of $492. The buyer in this transaction is Pendulum Property Partners, represented by Kevin Hayes. On the other hand, the sellers are Fortress Investment Group, represented by Peter Briger, and Ocean West Capital Partners, represented by Russ Allegrette. The brokerage services for this deal were provided by Kevin Shannon of Newmark.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $61,500,000
- Address: 2901 W. Alameda Ave.
- Market: Burbank
- Buyer: Pendulum Property Partners - Kevin Hayes
- Seller: Fortress Investment Group - Peter Briger & Ocean West Capital Partners - Russ Allegrette
- Broker: Kevin Shannon - Newmark
- Square Footage: 124,785
- Price per Square Foot: $492
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