Voit is in escrow to buy the site, a former Lockheed B-6 aircraft facility, from the Burbank-Glendale-Pasadena Airport Authority.
Tim Regan, vice president of development and acquisitions for Voit Development, says the nine freestanding buildings ranging in size from 40,000 to 70,000 sf, with some divisible to as small as 10,000 sf.
Regan tells GlobeSt.com that prospective tenants in the buildings might include a number of movie industry-related firms, among them post-production houses that require industrial facilities, as well as manufacturing and distribution firms. He expects that most of the tenants will need only a small amount of office space, probably 10% or so of their total, and the rest industrial space.
"There are a lot of tenants that have a requirement to be within a certain radius of the studios," Regan tells GlobeSt.com. He says Voit has already heard from prospective tenants interested in the project.
Regan cited a strong for-sale market demand for industrial buildings of this size, a 2% industrial rate in the area, and the site's location near freeways and the Burbank-Glendale-Pasadena Airport.
Regan says the project has been reviewed and is supported by city officials and Voit is proceeding with entitlements while in escrow. The developer expects to break ground in first quarter 2003 and to complete the first 225,000 square feet eight months later.
The land parcel became available for sale after the Burbank-Glendale-Pasadena Authority failed to obtain approval from the City of Burbank to build a new terminal on the site. The airport was obligated to dispose of the land, which it bought from Lockheed in 1996.
Regan will manage the overall development of the project, with Ted Fisher of Voit Development overseeing the design and construction. Valley Commercial Contractors will serve has the project's general contractor with Ware Malcomb providing the architectural design.
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