A historic mixed-use development in Glendale has sold for $18.1 million, according to Newmontis Real Estate Investment Management.
The property was built in the 1940s as a Woolworth department store. It is the most expensive retail asset to trade in Glendale so far this year, according to data from CoStar Group Inc.
Newmontis’ Trevor Nelson represented the seller, Bow Truss Capital. The buyer, a private investor, was represented by Lee & Associates’ Warren Berzack and Slavic Zlatkin.
The property, at 201 N. Brand Blvd., is 100% occupied. It is located just a few blocks from the Glendale Galleria and Americana at Brand.
The building has ground floor retail and offices on the second floor. Tenants include coworking firm Regus, Unify Financial Credit Union, Halal Guys and AT&T. The retail tenants lease their storefronts on a net lease basis, and Regus is on a long-term modified gross basis, according to CoStar.
“Our buyer was looking for a NNN investment due to the minimal management these assets require, and the location, on Brand Boulevard in the heart of downtown Glendale, could not be more ideal for an investor,” Berzack said in a statement.
Costar data shows that the Woolworth building's $18.1 million sale price tops the $16.5 million deal for Golden Farms Market Plaza at 6501 San Fernando Road, which sold in January, and the $15.1 million sale of an auto dealership at 400 S. Brand Blvd. in September. No other retail sales in the area have topped $5.1 million this year.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans
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