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1/15/20
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Crown Realty & Development Inc and its affiliate, CPF Vanowen Associates LLC, have purchased a 39.8k sf creative industrial building in Burbank for $16.75 mil ($421/sf). The newly constructed structure is located at 3700 Vanowen St, west of Hollywood Way and the I-5 Fwy.
The property is currently occupied by a 15-year single NNN lease tenant, ARRI Inc, a designer and manufacturer of camera and lighting systems for the film and broadcast industry. The state-of-the-art building features creative office space, 24’ clear height, HVAC throughout and dock high loading.
Mark Perry, Carlene O’Neil, David Harding and Greg Geraci with CBRE represented the sellers, Shubin Nadal Realty Investors & Penwood Real Estate Investments.
“Burbank continues to prove itself a burgeoning market for creative industrial demand with less than a one-percent vacancy factor,” said Harding. “This is due in major part to the entertainment industry’s growth and prominence across the region.”
Geraci added “The buyer was attracted to the unique nature of this state-of-the-art building and the strength of the surrounding market. We continue to see greater and greater demand for spaces such as this.”
The Greater Los Angeles industrial market showed its resilience rooted in solid fundamentals of limited supply and strong demand, according to CBRE’s third-quarter research. Tenants continued to lease space in the face of ever higher rental rates and increasing operating expenses. Investment volumes expanded year over year even after a similarly strong second quarter.
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