GPI Sheds Burbank Retail Asset
The investor sheds the retail portion of the Burbank Collection after driving significant value during its ownership.
GPI Cos. has sold the retail portion of the Burbank Collection, a mixed-use property in the entertainment district of Burbank. The investor purchased the property in 2013 for $12.8 million and sold it to a local investor for $26.8 million.
The Burbank Collection is a mixed-use property with 118 condominiums and 39,400-square-feet of retail space. Following its purchase of the property, GPI invested $3 million in capital improvements, including upgrades to the façade.
The Yard House anchors the property in a 12,000-square-foot space on the southern end of the site, and the remaining tenant roster includes The Boiling Crab, Sketchers, Panera Bread, Pinkberry, and Steak ‘n Shake.