In a move from nearby Glendale, the new owner will use the property as a warehouse and distribution center for textiles, according to David Young and Chad Gahr of NAI Capital Commercial. Young and Gahr represented La Brea Investment Enterprises, while Bruce Simpson and Scott Caswell of Delphi Business Properties represented the buyer. Young notes that the freestanding building is near the Burbank Media District.
Brokers say the San Fernando Valley industrial market in general and the Burbank area market in particular have remained stable despite the recession. The availability rate for industrial space in Burbank stood at 4.85% at the end of the third quarter, compared with an availability of 6.88% for Los Angeles County industrial space overall. The Burbank market includes 365 industrial buildings comprising nearly 14 million sf of space.
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