Burbank industrial park sells for $56M

Jan. 6, 2016 12:24 AM PT

A 14-building industrial park near Bob Hope Airport in Burbank, which could be attractive to entertainment industry firms, sold this week for $56 million.

The 300,650-square-foot property, located between the 4400 and 4500 blocks of Vanowen Street, was purchased by Newport Beach-based Shubin Nadal Realty Investors and Hartford, Conn.-based Penwood Real Estate Investment Management, according to a statement released Tuesday by Los Angeles-based real estate services firm CBRE Group Inc., which represented both the buyer and the seller, a family group that had originally developed the property

The free-standing brick buildings on the site each have their own private paved and fenced yards, which are among features attractive to entertainment companies, said Greg Garaci, senior vice president at CBRE, in a statement.

“This project exemplifies the evolution of product in this area, which has been transforming into a creative industrial space because entertainment users demand brick buildings, skylights, private yards and edgy finishes,” he said. “There is virtually zero vacancy in the Burbank area. It makes this property an incredible investment opportunity.”

The vacancy rate for industrial space in the greater San Fernando Valley is 1.1%, according to CBRE, and 0.03% in Burbank.

Shubin Nadal had partnered with Sudberry Properties of San Diego in bidding on another large property sale brokered by CBRE in the area — the roughly 58-acre “B6” parcel, which the airport sold in November to the top bidder, Gardena-based Overton Moore Properties, for $72.5 million.

Chad Garland, chad.garland@latimes.com

Twitter: @chadgarland

Chad Garland

Chad Garland covered the city of Burbank and Bob Hope Airport for the Burbank Leader until 2016. Previously, he has covered Arizona’s congressional delegation in Washington, D.C., for Cronkite News Service and Oregon’s Legislature for the Associated Press. His work investigating questionable veterans’ charities as part of the award-winning News21 national investigative project “Back Home” earned a “Best in Business” award from the Society of American Business Editors and Writers in 2013. Before becoming a reporter, he spent more than a decade in various assignments related to national defense. An Illinois native, his first California address was at Marine Corps boot camp in San Diego. He has degrees from the University of Illinois at Urbana-Champaign and Arizona State University, as well as a diploma from the Army’s Defense Language Institute in Monterey, where he learned to speak Russian.