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."

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 and attract higher-end media industrial users. "We plan to rehab the buildings and upgrade them to a higher use, which we call creative industrial," says Nadal. "Most of the tenants are media oriented and we plan to change the look of the park from a 40-year-old industrial park to a brand new modern, more creative style industrial facility. We will attract media tenants that are higher end and have higher end uses."