Central Medical Plaza 1510 S Central Ave 67,060 SF 96% Leased 4-Star Office Building Glendale, CA 91204 For Sale

The Offering
CBRE U.S. Healthcare Capital Markets is pleased to exclusively offer the opportunity to acquire Glendale Memorial Medical Plaza, a premier six-story outpatient medical building totaling 67,052 rentable square feet. Strategically located on the campus of Dignity Health’s Glendale Memorial Hospital in Glendale, California, the Property sits on a ±21,821 square foot parcel subject to a long-term ground lease expiring October 29, 2088 (including options).
Glendale Memorial Hospital is a 334-licensed bed facility staffed by over 1,000 employees, including more than 500 physicians across all major specialties and supported by 400 volunteers. The hospital offers a comprehensive range of services including emergency care, diagnostic imaging, cardiology, general and colorectal surgery, stroke care, chronic disease management, adult behavioral health, women’s health, rehabilitation, and wound healing with hyperbaric oxygen therapy.
The Property underwent a comprehensive renovation between 2019 and 2020, with approximately $1.8 million invested in upgrading the common areas, restrooms, and lobby. Parking is available via a shared structure serving the hospital and surrounding medical campus at a ratio of 5/1000 SF.
Investment Highlights

96% Leased Outpatient Medical Building With Stable Cash Flow and Upside
* Bonus Depreciation Advantage: Given the new tax legislation passed July 2025, new ownership has the opportunity to accelerate the depreciation deduction in the first year of ownership, which would provide significant upfront tax savings and improve cash flow. CBRE's Cost Segregation Analysis estimates that such Year 1 deduction could total as much as ±$9.72 million with this purchase.

* Stable diverse cash flow with high historical occupancy. 96% leased to 30+ tenants (~2,150 SF avg.) with the largest tenant occupying no more than 11.5% of the building.

* Immediate upside opportunity in completing the lease up of the last 2 remaining vacancies (totaling 2,571 SF) and continuing the leasing momentum from current ownership where in the last 18 months completed 9.1% of NRA in new leases.

On Dignity Health’s Glendale Memorial Hospital Campus
* Rare opportunity to purchase Class A medical real estate on the Glendale Memorial Hospital Campus.

* The hospital offers a full range of services, including the Heart Center, the Colorectal Surgery Institute, the Marcia Ray Breast Center, emergency care, orthopedic and spine care, and more.

Central Location with Easy Access
* Prime central location strategically situated in the heart of Glendale with immediate access to the 2, 5, and 134 Freeways, offering seamless connectivity to Downtown Los Angeles, Burbank, and Pasadena.

* Access to over 1.4 million people within a 20-minute drive and 7.0 million people within a 40-minute drive.

* Located within minutes of multiple Metrolink, Amtrak, and Metro stations, as well as Hollywood Burbank and Los Angeles International (LAX) airports.