Cambra JV Buys Office Project for $33M

GLENDALE, CA-Cambra Realty of Los Angeles and the New York City-based Angelo Gordon & Co. have acquired the 122,358-sf Glendale Financial Square for nearly $32.7 million. The buyers acquired the property, which is at 225 W. Broadway, from Liberty Mutual Plaza IV of New York City.

Completed in 1981 and renovated in 2000, the class A office property comprises a six-story office tower and an attached two-story annex building over a single-level subterranean garage, situated on 1.7 acres. The project is 61% leased to tenants that include the federal government, Household Finance and HealthCare Partners.

Michael Schlesinger, Cambra Realty principal, says that while Glendale Financial Square sold at a low cap rate on existing rents, the property will provide the new owners with the near-term stability of a high-quality, diversified tenant base as well as a significant opportunity to enhance cash flow through the lease-up of available space.