Burbank-based real estate investment firm SBH Real Estate Group Inc. has acquired the retail property at 810-822 S. San Fernando Blvd. in Burbank for $5.25 million in an all-cash transaction, according to the firm.
Tony Maniscalchi and Mike Maniscalchi from Stevenson Real Estate Services represented buyer SBH and seller Pacific Group LLC of Oregon.
Vacant at the time of the purchase, the property consists of a 21,447-square-foot building on a 29,050-square-foot site. Since the acquisition, SBH has leased the site to Harbor Freight Tools and has added renovations the property, making such additions as a new roof and converting the building into a more functional structure measuring about 14,500 square feet.
Located at the corner of Valencia Avenue and San Fernando Boulevard, the property stands across the street from the largest Ikea store in the nation, as well as opposite a major Tesla facility, which was recently expanded. It is also in close proximity to Burbank Town Center.
“We were able to get this deal because we understood the value in purchasing a vacant box in a desirable in-fill location in a great city and we were able to make an all-cash offer to close quickly,” SBH Managing Partner Eric Silverman said in a statement. “We then experienced plenty of demand by tenants with strong interest in the property.”