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1/04/23
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Montana Avenue Capital closed out 2022 with the purchase of 2777 North Ontario Street, a 127.1k sf office and industrial campus located in Burbank, for $37 mil, or $291/sf. The asset was sold by a joint venture between Washington Capital Management, on behalf of their client, and SSV Properties.
2777 North Ontario Street is a newly renovated, two-story office and industrial campus that is 71% leased to a diverse tenant roster, comprised entirely of entertainment and media-related companies. The property’s office tenants, headlined by prominent post-production firm, Eikon, occupy two office suites totaling 79.3k sf. The industrial component is leased to Iron Mountain, which utilizes its space to store valuable film and other media content and occupies 47.8k sf.
Led and overseen by SSV Properties, 2777 North Ontario recently completed a comprehensive $7 mil-plus renovation. New property features include revitalized common areas, updated HVAC and MEP systems, completed seismic retrofit, remodeled bathrooms, resurfaced parking, operable windows and skylights, new landscape and hardscape and revitalized branding and color scheme.
The property’s Burbank location offers immediate access to some of the nation’s top production studios and media companies, including ABC, Disney, NBC Universal, Warner Brothers and DreamWorks. Located off of I-5, the property is proximate to a wealth of amenities, including the Hollywood Burbank airport, restaurants, retailers and hotels as well as a wide array of public transportation.
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Laura Stumm and Associate Director Michael Kolcum represented the seller in the transaction. Newmark Vice Chairman David Milestone and Senior Managing Director Brett Green arranged the acquisition financing on behalf of the buyer.
“Montana Avenue Capital’s acquisition of 2777 Ontario is yet another example of private capital looking for an attractive entry basis in a desirable office market, which Burbank is,” said Shannon. “In addition to its highly improved office space, the asset includes a uniquely specialized industrial component in one of the nation’s tightest industrial markets.”
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