Suppliers to the reinvigorated entertainment industry have paid $4.6 million, or $230 a square foot, for a warehouse in Burbank, according to commercial real estate firm Lee & Associates-LA North/Ventura.
CenterStaging, a rehearsal and backline facility for live performances and awards shows, bought a 20,000-square-foot industrial building at 2517 N. Ontario St. The property was sold by owner-user Hechter Aircraft.
According to Brett Warner and Hunter Warner, brokers with Lee & Associates who negotiated the deal on behalf of Hechter Aircraft, the per-square-foot sale price broke records in Burbank for buildings larger than 20,000 square feet.
“With vacancies at record lows and little new development on the horizon, industrial demand is soaring,” Brett Warner said in a statement. He added that the offer was negotiated before the building was listed on the market.
The structure was built in 1977 with tilt-up construction, and has 20-foot ceilings clearance, four ground-level loading doors and parking.
Matt Dierckman with CBRE Group Inc. represented CenterStaging in the transaction.
The two brokers also arranged the roughly $4 million ($200 a square foot) purchase of a 20,000-square-foot warehouse at 15030 Keswick St. in Van Nuys for event planning company Best Events, which is expanding. Kim Wolfson of Majik Industrial Properties negotiated on behalf of the seller, BFS Investment Co.
And in Sun Valley, the Warners brokered a $4 million (about $133 a square foot) trade of a nearly 30,000-square-foot a square foot) warehouse at 10830 Cantara St. on behalf of the buyer, 3884 Stoneridge, and the sellers. The property sits on 1.2 acres and has three ground-level and two dock-high loading doors.