A 7,400-square-foot industrial building in Burbank has sold for $2.27 million, or $307 a square foot, according to brokerage NAI Capital.
The property at 7668 San Fernando Road is situated in a prime location across from Hollywood Burbank Airport and an Amtrak station. The project was 100 percent vacant at the time of the sale and new owner AG Group Holdings, LLC plans to occupy the building.
The free-standing, two-story industrial building was built in 1981 and features 2,000 square feet of bonus mezzanine office space, concrete tilt-up construction, two ground-level loading doors and ten parking spaces.
Senior Vice President Adam Comora with NAI Capital’s Encino represented buyer AG Group. The seller was Sycamore Investment Inc.
Comora said the warehouse sale supports a strong trend on the east side of the Valley.
“We are seeing strong demand from users to purchase industrial buildings in the San Fernando Valley,” Comora said in a statement. “The East San Fernando Valley in particular is one of the most sought-after submarkets in the region. Good product is in short supply.”