BURBANK, CA—A rare 59-acre infill development site has just come to market. Per a trust agreement, the Burbank-Glendale-Pasadena Airport Authority has brought the Bob Hope Airport-adjacent development site to the market after the parties in a trust agreement decided they would not use the land to develop a 14-gate terminal at the airport. CBRE is handling the marketing efforts.

“Prior to the Authority’s ownership, the property was owned by the Lockheed Corp. In 1978, they started decommissioning all of the land around the airport, and sold the land site to the Airport Authority, which is made up of the tri-cities. The property was taken through condemnation by the Airport Authority for the purpose of relocating the terminal,” Matt Hargrove, EVP of global corporate services at CBRE, tells GlobeSt.com about how this property came to market. “The property was then held in trust during that period while the Airport Authority worked on coming to an amicable agreement with regards to the newly relocated terminal. They were not able to agree on what this new terminal would look like, and they were mandated per the trust agreement to sell the asset.”

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