CBRE Facilitates $17.8 Million Sale of a Flex-Industrial Production Facility in Burbank, California

CBRE has arranged the off-market sale of a 47,000-sq.-ft. flex-industrial property in Burbank, Calif., for $17.8 million.

Derek Newton of CBRE represented the buyer, AKS Stage and Rental, LLC, which will occupy the space to expand its operations.

The property, which has a castle-like exterior, sits on just over a half-acre at 1101-1107 and 1117 West Isabel Street.

"My client sought a facility with specific features that would accommodate film and television production, which posed limitations on the available inventory," said Mr. Newton. "The layout of this building, coupled with its proximity to major studios and the timing of the lease expiration, made it the perfect match for my client. We were pleased to secure it in an off-market deal."

Demand for studio space remains strong, according to CBRE research. As the demand for digital media content increased, studio operators reported an average 93.5% annual occupancy rate from 2016-2022.