BURBANK, CA-A four-story office building at 2727 W. Alameda Ave. here has been sold to a local private investor. Sources pegged the sales price at close to $10 million.

The 34,153-square-foot building's two major tenants, FotoKem and St. Joseph's Hospital/Providence Health System, have completed lease renewals.

Jones Lang Lasalle's Corey Spound and Dean Hawthorne represented the seller, GLC Enterprises, and the undisclosed private investor.

“Jones Lang LaSalle was able to secure a premium price from the right buyer after stabilizing the asset for the future,” says Hawthorne. “The Burbank office leasing market remains flat with sluggish rent growth. The city will continue to be attractive to companies looking to escape the high rents of West Los Angeles, as well as those who wish to capitalize on the benefits the city of Burbank has to offer.”

2727 W. Alameda Ave. is located in the heart of the media district in Burbank. The building offers a creative floor plan with outdoor patios, open areas, perimeter offices, conference rooms, kitchens and floor to ceiling windows with views.

As previously reported by GlobeSt.com, two nearby class-A office properties sold for just over $342 million at the end of June.