Lee & Associates-LA North/Ventura Transacts Sale of Four Flex Buildings in Burbank
Refurbished business park modeled after Westside creative space sees strong demand
BURBANK, CA – Mar. 24, 2014 – The phrase ‘if you build it they will come’ may be clichéd, but it is a true representation of the four sales totaling just under 15,000 square feet that have closed at the newly refurbished Burbank Empire Business Hub.
It took barely 30 days for Brett Warner, principal of Lee & Associates - LA North/Ventura, to put the four flex buildings, modeled after creative space typically found on the Westside of Los Angeles, into escrow. Total consideration for the four transactions is just under $4 million.
“The developers saw a great opportunity to serve Burbank’s high concentration of entertainment-related uses with what is essentially new product designed to cater to that community,” said Warner, who represented the sellers, a private investment group. “There is great demand for this product type and very little supply outside of L.A.’s Westside.”
The property, formerly occupied by Matthews Studio Equipment, consisted of multiple buildings on individual parcels when the developers acquired it in March, 2013.
Some of the buildings were torn down and the remaining facilities were remodeled with skylights to provide natural light, concrete floors, exposed brick interiors, dual pane windows and glass roll up doors. The ceilings were left open to expose
sandblasted beams and upgraded, spiral HVAC ducting. New HVAC units, power panels
and restrooms were installed, and exteriors were upgraded with a corrugated
metal façade and paint.
“Because the buildings were on individual parcels we were able to re-purpose the property for sale,” Warner said. “The six buildings range in size from 2,000-square-feet to 6,254 square feet making them ideal for small- to mid-sized companies, and the developers invested over $1 million on improvements.”
The four completed sales include a 6,254-square-foot building at 2405 Empire Ave.; a 4,100-square-foot building at 2413 Empire Ave.; a 2,500-square-foot building at 2409 Empire Ave.; and a 2,000-square-foot building at 2409 Empire Ave.
Chris Bonbright and Brandon Mason with Avison Young represented the buyer of 2405 Empire. Mike Centurioni at Coldwell Banker Commercial Alliance represented the buyer at 2409 Empire. Linda Chamberlain was the buyer’s broker for 2411 Empire
and Dave Buss was the buyer’s broker for 2413 Empire.
Warner is currently marketing the two remaining buildings, 3,000 square feet at 2000 Buena Vista St. and 2,850 square feet at 2417 Empire Ave., for sale or lease.