Newmark Arranges $37M Sale of Burbank Office/Industrial Campus
Montana Avenue Capital has purchased 2777 North Ontario Street, a 127,000-square-foot office and industrial campus in Burbank, CA. Newmark represented the seller, a JV between Washington Capital Management and SSV Properties in the $37 million transaction. Newmark’s David Milestone and Brett Green also arranged the acquisition financing on behalf of the buyer.
“The acquisition of 2777 Ontario is another example of private capital looking for an attractive entry basis in a desirable office market,” said Kevin Shannon who led the Newmark team that included Ken White, Rob Hannan, Laura Stumm and Michael Kolcum. “In addition to its highly improved office space, the asset includes a uniquely specialized industrial component in one of the nation’s tightest industrial markets.”
The property is a newly renovated, two-story campus that is 71% leased to a roster of entertainment and media-related companies. New property features include revitalized common areas, updated HVAC and MEP systems and new landscaping.
- ◦Sale/Acquisition