(To read more on the industrial market, click here.)
BURBANK, CA-Voit Development Co. of Woodland Hills has disposed of the last of the buildings at its 480,000-sf Burbank Airport Commerce Center, a $44-million multiphase project that the company has developed adjacent to the Bob Hope/Burbank Airport. Tim Regan, VP of acquisitions and development for Voit Development Co., says the company sold the buildings quickly thanks to the demand for new product in the San Fernando Valley.
The third and final phase of the project consists of five buildings totaling 98,000 sf with units ranging from 13,000 sf to 30,000 sf. It follows a 203,500-sf first phase of 10 buildings ranging from 9,224 sf to 46,044 sf and a second phase of 16 buildings totaling 178,500 sf with units from 9,300 sf to 36,000 sf.
Sales prices of the buildings were not disclosed, but market sources say that Voit sold the buildings for prices ranging from just over $100 per sf to just under $200 per sf. The first phase sold out in November 2004 and the second in December 2005.
In the first phase, Voit sold nine of the buildings to users and leased one to a national retailer for use as a satellite warehouse serving one of its new stores in the area.
Although Voit did not disclose individual building prices, it said that the project sold out four months ahead of schedule "at prices much higher than originally projected." The development, at 7575 San Fernando Rd., was designed by Ware Malcomb Architects and constructed by Valley Commercial Contractors.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
