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8/17/18
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SBH Real Estate Group Inc, a Los Angeles-based real estate investment firm, has acquired a 21.4k sf ($245/sf) retail property in Burbank for $5.25 mil in an all-cash transaction. The building sits on a 29k sf lot at 810-822 S. San Fernando Blvd, at the corner of Valencia Ave and San Fernando Blvd.
The structure was constructed between 1939 and 1985 and had previously been occupied by a market, but was vacant at the time of sale. Since the acquisition, SBH has leased the site to Harbor Freight Tools and has started to renovate the property. The changes have included adding a brand new roof and converting the building to a more functional structure measuring about 14.5k sf.
The property is in a highly desirable section of Burbank just east of the Golden State Freeway (5) at the Alameda Ave on/off ramp, which is walking distance to a wide variety of amenities and services. Across the street is the number one IKEA in the nation, as well as a major Tesla facility, which was recently expanded. In addition, the property is also close to a Ralphs, Trader Joe's, Walgreens, CVS, and Starbucks, as well as the Burbank Town Center.
Tony Maniscalchi, SIOR, and Mike Maniscalchi, SIOR, from Stevenson Real Estate Services represented both SBH and the seller, Pacific Group LLC. SBH was able to close on the purchase quickly with a short due diligence period by removing contingencies promptly.
Eric Silverman, Managing Partner of SBH, said about the purchase, "We were able to get this deal because we understood the value in purchasing a vacant box in a desirable in-fill location in a great city and we were able to make an all-cash offer to close quickly. We then experienced plenty of demand by tenants with strong interest in the property."
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