Burbank Industrial Park, a 14-building industrial complex near the Burbank Bob Hope Airport, has sold for $56 million.
The 300,650-square-foot property has a campus setting with free-standing brick buildings, each with a private yard and is walking distance from the Metrolink station. It was purcahed by Shubin & Nadal Realty Investors in Newport Beach and Penwood Real Estate Investment Management in West Hartford, Conn.
“This project exemplifies the evolution of product in this area, which has been transforming into a creative industrial space because entertainment users demand brick buildings, skylights, private yards and edgy finishes,” Greg Geraci, one of the brokers at CBRE Group who handled the deal, said in a statement. “It makes this property an incredible investment opportunity.”
Burbank had an office vacancy rate of 16.1 percent during the third quarter, the most recent period of available data, according to Colliers International.
In addition to Geraci, CBRE’s David Harding, Matt Dierckman and Billy Walk represented the buyer as well as the seller, a family group that was the original developer of the property.