Pendulum Property Partners Acquires Burbank Office Building For $61.5M
SOLD
$61,500,000
California
See Similar DealsOffice124,785 SF
Sold 05/26/2020
SOLD
Pendulum Property Partners Acquires Burbank Office Building For $61.5M
2901 West Alameda Avenue, Burbank, CA 91505
See Similar DealsOffice124,785 SF
Sold 05/26/2020
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$492
Total Square Footage:124,785 SF
Transaction Type:Sale
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
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Deal Type
30 years
10 years
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
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