Savills Studley Negotiates Sale of the Fee and Leasehold Interests for Airport Plaza In Burbank, California

24 October 2016

Savills Studley Retail Services Group represented two separate sellers and the buyer in the sale of the leasehold and fee interests in Airport Plaza located in Burbank, California.

Airport Plaza, a 135,039-square-foot neighborhood shopping center in Burbank, was purchased for $37 million by Paragon Commercial Group. The sellers, Airport Plaza Inc. and Alton Jennings Trust, had owned their respective interests in the property for decades.

Airport Plaza is located at 635-699 Victory Boulevard in Burbank, California. The original center was constructed in 1964 with the most recent tenant, Hobby Lobby, opening a new store 2014. Other major tenants include Toys R’ Us, O’Reilly Auto Parts, and Burger King.

Bill Bauman, executive vice president, and Kyle Miller, senior managing director, of Savills Studley’s National Retail Services Group represented the sellers in the transactions.

“Burbank is arguably one of the strongest retail submarkets in Southern California as evidenced by the exceptional retail sales in this trade zone. The area characterized by exceptionally high tenant demand and very limited supply making Airport Plaza an extremely attractive opportunity,” said Bauman.

Paragon Commercial Group plans to strategically redevelop and reposition the shopping center over time.

 
 

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