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10/03/14
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In a recent Burbank office buy, Creative International Investments Inc, a China-based investment group, has acquired a 76.7k sf, Class A office building for $22 mil, or about $289/sf. The building is located at 250 E. Olive Ave, in the city’s downtown area, a region tenanted by many entertainment industry firms.
Creative International acquired the SoCal property in an effort to provide and create smaller incubator space opportunities for China-based companies eager to learn more about the multi-media and entertainment industry from the richly experienced and talented companies located in Burbank, deemed the “Media Capital of the World.” The property was sold by Burbank Civic Plaza LLC.
Built in 2005, 250 E. Olive is the newest building in the revitalized downtown Burbank market. The building features 14k sf of ground floor retail, as well as subterranean parking. The property’s downtown location also puts it within walking distance of numerous eateries, boutiques, theaters, and shops.
Tenny Tsai, Danny Yu, Suzanne Lee and Jake Dederer with Cassidy Turley’s San Jose and Los Angeles offices collaborated to represent Creative International Investments in the Burbank transaction. The high-demand property received multiple purchase offers.
According to Tsai, “250 E. Olive is about 91% occupied, providing strong, stable cash flow, while still lending enough vacant space to promote incubator opportunities. The majority of companies in the building are entertainment and media-oriented, fitting Creative Entertainment’s goal to directly connect Chinese companies with the more advanced creative firms based in the area. Equally important, this venture will allow U.S. companies the chance to build relationships with Chinese companies, helping bridge business and industry to and from overseas.”
Creative International Investments, Inc. is comprised of multiple investors based in China. Notably, some of its members also comprise another investment group, Hanqi Investment, LLC, which just over a year ago acquired a 105k sf office building in Northern California (Burlingame), now known as Hanhai-Zibo Life Science Park, the first U.S.-China life science park in the San Francisco Bay Area. That venture was a similar bridging effort to create incubator space opportunities to help grow start-up technology companies from China.
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