Quantum Real Estate Advisors, Inc. has brokered the lease of a 1,280-square-foot medical building located at 2005 W. Alameda Ave. in Burbank. The property was formally an urgent care clinic. The new tenant will open an optometry practice that will service the greater Burbank trade area.

The tenant was represented by Eric Kates with Peak Commercial. The landlord was represented by the Quantum team of EVPs Sam Yourman and Jaryd Meenach.

“We had a shared vision with the landlord to procure a medical group that could utilize existing infrastructure within the premises to save the incoming tenant on both time and financial resources,” said Yourman. “With unit economics and construction timelines showing little signs of stabilization, outpatient medical buildings are in high demand. We leveraged these conditions to find a tenant that could thrive in this environment.”

Be there in person for the 8th Annual Connect Los Angeles 2024, May 1 at the Intercontinental Los Angeles Downtown. Industry leading experts will share insights and forecasts on today’s CRE markets.   

The Mayo Clinic is building out its $432 million Phase 3 tower expansion, adding five stories with 250,000 square feet of space to be added.

The Robins & Morton Group will construct a shell building for the tower expansion above the existing eight-story building. The project, which anticipates adding 121 beds, is expected to be completed in 2026.

The Jacksonville Business Journal reports the Mayo Clinic has had a busy 2023, with several projects getting the go-ahead. The hospital broke ground on its 252-room Hilton Hotel in June and acquired a $49.5 million permit to start construction in August. It earned a $74.2 permit for its integrated oncology building.

Earlier in the year, the hospital also received Jacksonville City Council approval to add 210 acres to the 4500 San Pablo Road Campus.

In September, Mayo Clinic opened its downtown office at the Ed Ball building.