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.”

The property has flexible zoning, which will allow for anything from industrial to office use to retail, according to Hargrove. As a result, the sales team is open to a broad range of developers. “We could sell to a mixed-use developer that is looking to do a development that includes industrial, light manufacturing, clean uses, office uses and support retail,” says Hargrove. “All of this would be subject to a CEQA process and working with the airport and the city to come to an agreement on socially responsible development.” The sales team is bringing the property to the market without a price to let the market determine the value.

Due to the size and location—which an extremely active market across sectors—of the property, the sales team, unsurprisingly, has already received ample interest for everything from a sports arena to end users. “There has been a strong user interest, primarily because of its proximity to the airport and mass transit,” Hargrove adds. “This is a very broad marketing campaign. We are going to peruse local, regional, national and foreign and international investors. We have had a lot of inquires, so we are very optimistic in terms of finding a buyer.”

The marketing campaign was launched yesterday.