A Universal City office building has sold for $3.9 million in an off-market, all-cash transaction that illustrates investor demand for office properties.
The 12,500-square-foot building directly across from Universal Studios, at 3211 Cahuenga Blvd., was purchased by private investor Joseph M. Levy of Burbank, according to real estate data provider CoStar Group Inc. The building is fully leased to six tenants.
The buyer had been looking for an office investment for over a year, during which time prices have risen more than $50 a square foot due to limited inventory, said broker Roger L. Beck, of Charles Dunn Co., who represented the buyer.
“We were able to act quickly by presenting a strong, all-cash offer and quick closing prior to the property hitting the market,” he said in a statement.
Stacy Vierheilig-Fraser of Charles Dunn represented seller Mitchell Bell, a Los Angeles private investor, according to CoStar.
“The demand for small office property in Los Angeles is extremely high as investors are seeking tangible assets as a way to diversify their investment holdings,” Vierheilig-Fraser said. “It is very seldom that a quality, ideally located property becomes available and because of this, many transactions are closed off-market.”