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1/27/20
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Two R&D/Flex buildings totaling 67.4k sf of space in Burbank traded hands in a transaction valued at $16.45 mil, or $243/sf. At the time of sale, the buildings were vacant, however, the buyer plans on occupying the property with their media business.
Built in 1976, the buildings are located at 1919 W. Empire Ave and 1830 Valpreda St, adjacent to I-5 on the west side. The connected buildings feature an extensive office build out combined with open production area and high clearance warehouse/production space. The property has excellent street visibility on Empire Ave adjacent to the Burbank Airport, hotels and a myriad of retail amenities. The facility is in the heart of Burbank's media district with immediate connections to Interstate 5, the 134 Freeway and the 170 Hollywood Fwy.
David Young and Chad Gahr with NAI Capital represented the seller, RICE LLC, in the transaction. The buyer was 4401 WILSHIRE, L.P., a California limited partnership.
Chad said, “Opportunities to purchase industrial property in Burbank’s media district are limited due to extremely tight market conditions. The location and proximity to numerous entertainment studios and affiliated media companies, including Disney Studios, Warner Bros, and Netflix was a strong selling feature of these buildings.”
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