10-story building changes hands

first_imgGrubb & Ellis Co. brokers have inked deals in the San Fernando and Santa Clarita valleys worth $54.7 million, including a $43 million sale of a high rise in Burbank’s Media District, the company said Wednesday. In the Burbank transaction, Forest City-based Legacy Partners bought a 10-story 147,889-square-foot building at 2600 W. Olive Ave. that formerly housed some Walt Disney Co. operations. CarrAmerica Realty Corp of Washington, D.C., was the seller. The parcel, developed in 1986, also includes a five-story parking facility. AD Quality Auto 360p 720p 1080p Top articles1/5READ MORERose Parade grand marshal Rita Moreno talks New Year’s Day outfit and ‘West Side Story’ remake Kevin Shannon, vice president of Grubb’s South Bay office, who worked on the transaction, said that the district has a tight vacancy rate of about 5 percent. Legacy’s building has a vacancy rate of 67 percent. “It’s gotten to the point where almost all the vacancy in this submarket is in this building,” he said. But Legacy is already getting a lot of interest in the space, Shannon said. “This property is the only office building in the Burbank Media District that can accommodate significant contiguous space,” he said. Also working on the deal for Grubb were Rob Hannan and Jim Lindvall. CarrAmerica was represented by Brad Feld and John Winnek of Cushman & Wakefield. Legacy officials could not be reached for comment. In the Valencia deal, Grubb represented Newport Beach-based The Koll Co., in its $11.7 million purchase of Valencia Park Executive Center, a 66,584-square-foot office property. It’s at 25115 Avenue Stanford in the Valencia Gateway and consists of one three-story building and one two-story building. The seller was Fowler Property Acquisitions of Larkspur and is 70 percent leased. Shannon, Hannan, Scott Schumacher, Paul Perkins, Michael Moore and Lindvall worked on this deal and they represented both parties. “The buyer saw this property as an attractive investment because of its diversified tenancy and excellent access to two major freeways in a path of progress,” Shannon said. This is a market in which fortunes have turned in favor of landlords. Shannon said several buildings under construction are being built on speculation they will attract tenants. The numbers suggest they should. “There’s a 3.5 percent vacancy rate so its tight as a drum. It has improved dramatically in the past few years,” he said of the area’s vacancy rate. Gregory J. Wilcox, (818) 713-3743 [email protected] 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img