El Segundo, CA-based Paragon Commercial Group acquired Airport Plaza, a 135,039-square-foot neighborhood shopping center in Burbank, CA, for $37 million. The sellers included Alton Jennings Trust, which owned the land for more than 40 years, and Airport Plaza Inc., the leasehold owner.
The new owners plan to strategically redevelop and reposition the shopping center over time. The asset encompasses four buildings currently 100% leased to six tenants, including anchors Hobby Lobby and Toys’R’Us.
Savills Studley’s National Retail Services Group’s Bill Bauman and Kyle Miller represented both buyer and seller in the off-market transaction.
Bauman says the transaction was driven “by exceptionally high tenant demand and very limited supply,” which combined to make “Airport Plaza an extremely attractive opportunity.”
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
ConnectCRE.com
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Content Marketing
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.
