A mixed-use retail and office property at 201 N. Brand Blvd. in Glendale sold this week for nearly $18.1 million.
The historic building was built in the 1920s and served as an F.W. Woolworth Co. store beginning in 1942. It was renovated in 2017, and now comprises retail on the ground floor and offices on the second floor. The 43,437-square-foot property is located on a signalized corner of Glendale’s most heavily trafficked retail corridor and is a short walk from the Glendale Galleria and Americana at Brand malls.
The Woolworth Building was fully leased at the time of sale to tenants including AT&T, Unify Credit Union, Regus and 85°C Bakery. The deal is a triple net lease, meaning the tenants are responsible for paying the building’s operating expenses.
Lee & Associates-LA North/Ventura Principals Warren Berzack and Slavic Zlatkin represented the buyer, a private investor operating as BrandWilson LLC.
“Our buyer was looking for a (triple net) investment due to the minimal management these assets require,” said Berzack in a statement. “The location, on Brand Boulevard in the heart of downtown Glendale, could not be more ideal.”
The seller, Bow Truss Capital LLC, was represented by Trevor Carl Nelson, managing director at Newmontis Real Estate Investment Management.