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Burbank Flex-Industrial Trades Off-Market for Use as Studio Space
CBRE arranged the off-market sale of a 47,000-square-foot flex-industrial property in Burbank for $17.8 million. Derek Newton of CBRE represented the buyer, AKS Stage and Rental, LLC, which will occupy the space to expand its operations.
With a castle-like exterior, the property sits on just over a half-acre at 1101-1107 and 1117 W. Isabel St. “My client sought a facility with specific features that would accommodate film and television production, which posed limitations on the available inventory,” said Newton. “The layout of this building, coupled with its proximity to major studios and the timing of the lease expiration, made it the perfect match for my client. We were pleased to secure it in an off-market deal.”
Demand for studio space remains strong locally, according to CBRE research. As the demand for digital media content increased, studio operators reported an average 93.5% annual occupancy rate from 2016-2022.
- ◦Sale/Acquisition
