BKM Acquires 300K-SF Burbank Asset for $85M
Backlot Burbank, a 12-building, 302,869 square-foot industrial business park in Burbank, CA was acquired by Newport Beach, CA-based BKM Capital Partners for $84.75 million.
CBRE represented the seller, a joint-venture between Shubin Nadal Associates and Penwood Real Estate Investment Management, LLC, through its fourth value-added investment vehicle, Penwood Select Industrial Partners IV, L.P.
The property at 4100-4210 W. Vanowen Pl., 2303-2333 N. Valley St., and 4400-4510 W. Vanowen St. is located between the Interstate 5 and State Route 170 freeways, and directly adjacent to the Hollywood/Burbank Airport. The industrial business park is currently 100% occupied by a diverse range of 16 different tenants, with unit sizes ranging from 6,000 to 100,217 square feet.
BKM Capital Partners’ Brian Malliet says Backlot Burbank is one of the only business park assets in Burbank. The company plans to implement a series of capital improvements to the property, including new roofs, paint, and tenant and monument signage.