96.5 F
San Fernando
Friday, Mar 29, 2024

Burbank and Glendale

In Burbank, office vacancy climbed to 7.6 percent compared to 6.4 percent in the third quarter as tenants exited 87,324 square feet. Vacancy in Glendale were more than double Burbank’s number at 19.2 percent, a gain from 18 percent from last quarter. Glendale tenants gave back nearly 72,400 square feet. In terms of price, Burbank rents gained 2 cents to $3.70 a square foot, while in Glendale rents fell a cent to $3.23.Main EventsThe apartment complex named 416 on Broadway in Glendale sold for $60 million, or more than $520,000 a unit. Ron Nasch was the buyer and Essex Property Trust the seller of the 115-unit multifamily asset. Positive Investments sold a 30,126-square-foot multi-tenant office complex at 600 W. Broadway in Glendale for $6.9 million. Buyer Ohno Enterprises plans to occupy more than half the property.A two-property Burbank apartment portfolio has sold for $31.3 million. Olive Avenue Apartments at 555-559 E. Olive Ave. has 42 units and Park Verdugo Apartments at 321 S. Sixth St. has 32 units. A private trust sold it to Smooth Operator LP.Swarner Hardwood Co. has purchased the manufacturing building at 3031 Thornton Ave. in Burbank and plans to occupy it as a user-owner. The 17,800-square-foot property cost $5.9 million.Los Angeles-based printer Front Signs signed a 10-year lease to occupy 24,468 square feet at 3520-3560 Valhalla Drive in Burbank. Financial terms of the lease were not disclosed.A private investor acquired apartments at 457 W. Dryden St. for $4 million.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

Featured Articles

Related Articles