Burbank Shopping Center Sells for $37 Million

The Airport Plaza shopping center in Burbank has traded for $37 million, according to the L.A. office of Savills Studley Inc., a London-based commercial real estate brokerage firm. The 135,039-square-foot retail plaza at 635 to 699 Victory Blvd. was bought by El Segundo investment firm Paragon Commercial Group. The sellers were Airport Plaza Inc. and Alton Jennings Trust. Tenants include Hobby Lobby, Toys “R” Us, O’Reilly Auto Parts and Burger King. Savills Executive Vice President Bill Bauman, and Kyle Miller, senior managing director, brokered the deal on behalf of the sellers. Savills also represented the buyer. According to Savills, Paragon plans on redeveloping and repositioning the shopping center.