Lee & Associates-LA North/Ventura Transacts 25,700-Square-Foot Industrial Sale in Burbank
Transaction is the second completed in Burbank in the month for Brett Warner
BURBANK, CA – Jan. 12, 2016 – An industrial facility consisting of two buildings totaling 25,700 square feet has sold to an Internet-based used car store for $5.6 million, according to Brett Warner, a principal of Lee & Associates-LA North/Ventura.
Warner, and Jeff Bischofberger, a vice president of Lee & Associates-Irvine, represented the sellers, MHB Investments, LLC and Arrow Equities, in the sale of the buildings located at 2420, 2422, 2424 and 2426 N Ontario St. in Burbank.
“We were getting ready to market the asset when this very strong offer came to us, and we accepted it,” said Warner. “Our seller is an investor and was able to capitalize on the high values in today’s market and exchange into another property that offered great rental income.”
The property, located minutes from Bob Hope Airport with 18-foot clear heights and heavy power, sold for $218 per square foot. The median sale price for San Fernando Valley industrial properties in the fourth quarter of 2015 was $163 per square foot, according to Exceligent, a commercial real estate research firm.
The buyer, MDK International, is expanding into the new facility from another, much smaller location in Burbank. The company will utilize the facility to store its cars and for its administrative offices. MDK, which sells domestically and internationally, does not operate a retail showroom. Buyers come to the facility by appointment only.
David Issaians CCIM, a broker with Coldwell Banker Commercial, represented the buyer.
This was Warner’s third completed transaction in the past month. He also represented the buyer and seller of a 13,800-square-foot industrial building at 57 E. Providencia Ave. in Burbank for $2,850,000 and another sale in Cincinnati, OH.