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December 13, 2017
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REI Inks Lease for 43k sf Flagship Store in Burbank

7/19/17

Recreational Equipment Incorporated (REI) inked a 10-year lease for 43k sf of space at Burbank Empire Center. REI will occupy the entire freestanding former Sports Authority building located at the entrance to the shopping center. It will be the chainís first flagship store in Los Angeles County.

The retail complex, located at 1800 West Empire Avenue in Burbank. Anchor tenants at the property include Loweís, Target, Best Buy, Nordstrom Rack, TJ Maxx, Marshalls and Michaelís. Burbank Empire Center is currently undergoing a major remodel in anticipation of REIís opening in late August of this year.

Burbank Empire is a 618.6k sf power center developed in 2001 on the site of the former Lockheed aircraft manufacturing facility. It features a large variety of tenants as well as high visibility and signage along the I-5 Fwy. In 2018, Caltrans will be opening a new I-5 Fwy on/off ramp that will provide direct access to the Burbank Empire center.

CBREís Geoff Martin and Ryan Burnett represented the tenant and the landlord, Principal Real Estate Investors, in the transaction. The lease value was not disclosed.

The Los Angeles retail marketís large and diverse population, thriving tourist industry, and solid market fundamentals have been supporting healthy leasing activity in the region. Occupancy levels are expected to remain steady over the next 12 months, even with new construction deliveries, while rents are projected to increase another 1.3 percent, according to CBRE research.





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