BURBANK, CA—Shubin & Nadal Realty Investorshave partnered with Penwood Real Estate InvestmentManagement to purchase the Burbank IndustrialPark, a 14-property industrial campus in Burbank. Thejoint venture partnership purchased the property for $56 millionfrom the original developer, an unnamed entity. The new ownershipplans to convert the property into a creative industrial, which isbecoming a popular trend in that market for media users.

"We buy infill industrial properties throughout SouthernCalifornia," Lonnie Nadal, a principal at Shubin& Nadal Realty Investors, tells GlobeSt.com. "This is in agreat market in Burbank. This is a large transaction in Burbank inthat most transactions in Burbank are single buildings, and this isan actual park. We sought the property off-market and were able toclose the property off market."

The creative industrial trend is marked by brick buildings,skylights and edgy features. The buyers will spend a budget of"several million" on the renovations, to elevate the property andattract higher-end media industrial users. "We plan to rehab thebuildings and upgrade them to a higher use, which we call creativeindustrial," says Nadal. "Most of the tenants are media orientedand we plan to change the look of the park from a 40-year-oldindustrial park to a brand new modern, more creative styleindustrial facility. We will attract media tenants that are higherend and have higher end uses."