Crown Realty & Development Acquires Property In Burbank From Penwood Real Estate Investments For $16.8M

The property asset involved in the transaction is a newly built industrial building located at 3700 Vanowen St, Burbank, CA, 91505. The sale price was $16,800,000.00, and the property encompasses 39,829 square feet. It is situated in the Burbank market and is currently occupied by ARRI Inc., which operates under a 15-year triple-net lease. The building includes creative office space, dock-high loading, HVAC throughout, and has 24-foot clear heights.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $16,800,000.00
• Address: 3700 Vanowen St, Burbank, CA, 91505
• Square Footage: 39,829
• Seller: Penwood Real Estate Investments
• Buyer: Crown Realty & Development
• Seller's Representatives: Mark Perry, Carlene O’Neil - CBRE, David Harding, Greg Geraci - Colliers International
• Occupant: ARRI Inc.

The transaction involved multiple representatives, including Mark Perry and Carlene O’Neil from CBRE, along with David Harding and Greg Geraci from Colliers International, acting on behalf of the seller. The buyer, Crown Realty & Development, and its affiliate, CPF Vanowen Associates, represented themselves in the transaction without external brokers.