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4/25/19
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A 14k sf retail property in Burbank has sold for $7.78 mil, or $556/sf. The property, located at 822 S San Fernando Blvd, is occupied by Harbor Freight and Tools.
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.
The asset was sold by L.A.-based SBH Real Estate Group Inc, which acquired the building in the first quarter of 2018 and proceeded to significantly renovate and improve the property. While there was much tenant demand for a variety of uses, including drive-thru users, the property was leased relatively quickly to Harbor Freight and Tools, which signed a 15-year deal with 10% rent escalations every five years.
Previously, the property had been occupied by an ethnic grocer, but was vacant at the time SBH acquired it. The renovations that were completed include the following: a brand new roof; updated electrical & lighting systems; new restrooms; new HVAC system, and many other building upgrades needed to convert the structure to a more functional retail store.
Adam Friedlander and Kien Tsoi of JLL listed the property and represented SBH in the transaction. Jeff Gerlach from CBRE represented the buyer.
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