CBRE Announces Sale of Newly Built Industrial Property in Burbank, Calif for Nearly $16.8 Million

Los Angeles – CBRE announced the sale of a brand new, creative industrial building in Burbank, Calif. for $16.75 million.

Mark Perry, Carlene O’Neil, David Harding and Greg Geraci represented the sellers, Shubin Nadal Realty Investors & Penwood Real Estate Investments. The buyer Crown Realty & Development, Inc. and its affiliate CPF Vanowen Associates, LLC represented themselves.

The 39,826 square-foot property is located at 3700 Vanowen Street and currently occupied by a 15-year single triple net lease tenant, ARRI, Inc., a designer and manufacturer of camera and lighting systems for the film and broadcast industry. This new state-of-the-art building features creative office space, 24’ clear height, HVAC throughout and dock high loading.

“Burbank continues to prove itself a burgeoning market for creative industrial demand with less than a one-percent vacancy factor,” said Harding. “This is due in major part to the entertainment industry’s growth and prominence across the region.”

Geraci added “The buyer was attracted to the unique nature of this state-of-the-art building and the strength of the surrounding market. We continue to see greater and greater demand for spaces such as this.”

The Greater Los Angeles industrial market showed its resilience rooted in solid fundamentals of limited supply and strong demand, according to CBRE’s third-quarter research. Tenants continued to lease space in the face of ever higher rental rates and increasing operating expenses. Investment volumes expanded year over year even after a similarly strong second quarter.