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Burbank Development Site Trades in $40 Mil Deal

6/01/20

An eight-acre development parcel in the city of Burbank traded hands in a $40 mil transaction. The site is located at 777 Front St, on the south side of Burbank Blvd in the city’s downtown, and offers over 1,100 feet of frontage along the I-5 Fwy.

The property had undergone a four-year process to lock up entitlement rights since first being placed in escrow. The planned development, known as “The La Terra Project,” is slated to include a 550-unit housing project, a 300-room hotel and about 6k sf of additional retail space.

The project’s design connects it to downtown Burbank by virtue of the Magnolia and Burbank Blvd overpasses. This design will enable easy access to downtown shopping, restaurants and services, as well as to the Metro rail, located on Front St just 500 feet from the planned development.

Brett Warner, Hunter Warner with Lee & Associates, along with former Lee Principals Jim Fisher and Mike Smith, represented both the buyer, SJ4 Burbank LLC, and the seller, Northridge Properties LLC, in the transaction.




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