Gateway at Burbank, a 74,391-square-foot center there, recently sold for $650 per square foot, or $48.6 million, a price way higher than most in the area. Average centers in Burbank sell for $272 a foot, according to CoStar.

Gateway was acquired by a fund represented by CBRE Global Investors and sold by a joint venture between Invest West and Santa Barbara Capital. The partnership bought it right before the recession hit for $40.5 million.

What’s interesting is that the fully leased center is basically a necessity retail asset; this wasn’t a luxury play. Tenants in the two-building shopping center include Ralph’s, Baskin-Robbins and Starbucks.

Do you think retail prices are getting too overheated right now?