Industrial Re-Lease

pr_holland1Penwood Select Industrial Partners II, L.P.

CASE STUDY

Industrial Re-Lease

Location: Burbank, CA

Strategy:

The strategy was to acquire a well-located industrial park, improve the identity of the property, and renew/re-lease at market rents. The subject property had consistently generated strong leasing activity over time; however, it lacked identity as a business park and there was significant deferred maintenance. Consequently, rents were well below market rates achieved by other well-located, high-quality industrial buildings in the Burbank market. Given the property’s location and functional business park layout, Penwood and its operating partner noted an opportunity to invest capital in the property and reposition for lease and/or for sale.

 

Property Description:

  • A twelve-building industrial park totaling 300,701 SF located directly south of Hollywood Burbank Airport in Burbank, CA.
  • Located 0.2 miles from the Hollywood Burbank Airport Metrolink train station, two miles west of the I-5 Freeway, three miles north of the Ventura Freeway (SRE134), and 2.5 miles east of the Hollywood Freeway (SR 170).
  • The property offers excellent access to the Hollywood/Burbank studios, Downtown Los Angeles, the San Fernando Valley, and the remainder of the Los Angeles Metro.

Results:

The property was cosmetically enhanced, deferred maintenance was addressed, rental rates were increased upon expiration, and the 100% leased asset was sold to an investor.

*Please note that past performance is not a guarantee of future results.

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