BURBANK, CA—Shubin & Nadal Realty Investors have partnered with Penwood Real Estate Investment Management to purchase the Burbank Industrial Park, a 14-property industrial campus in Burbank. The joint venture partnership purchased the property for $56 million from the original developer, an unnamed entity. The new ownership plans to convert the property into a creative industrial, which is becoming a popular trend in that market for media users.

“We buy infill industrial properties throughout Southern California,” Lonnie Nadal, a principal at Shubin & Nadal Realty Investors, tells GlobeSt.com. “This is in a great market in Burbank. This is a large transaction in Burbank in that most transactions in Burbank are single buildings, and this is an actual park. We sought the property off-market and were able to close the property off market.”

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