|PROPERTY USE TYPE
||Net Lease Investment with4 years left on lease
|| 2.00 / 1,000 SF
- The offering provides stable cash flow and exceptional upside potential in an outperforming office market. 7% Cap Rate in year 3.5.
- 100% Leased to BRC Imagination Arts (BRC), an internationally based experience design firm, which produces immersive design attractions.
- Burbank office market has one of the lowest vacancy rates in the entire Los Angeles County office Market
- Rental rates and absorption have been steadily increasing since the downturn. Current in-place rents are 26% below market ($1.19 psft vs. $1.50 psft)
- Located within minutes from the Empire Center, Bob Hope Airport and close proximity to the world’ s leading hi-tech, media and entertainment firms
- Corner location with tremendous visibility which allows for excellent corporate identity
Hudson Partners as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in 2711-2717 Winona Ave. The offering consist of a two-story office building comprising of 46,715 SF of prominently located, highly functional, professional office space. The subject property is currently 100% leased to Imagination Arts Inc Through June of 2019. Moreover, the offering provides investors with desirable income stream and excellent upside as the current in place rent is 26% below market. Furthermore, there is no rollover the first 3.5 years, allowing ample time to restructure a lease with the current tenant by increasing rents to market or to secure additional tenants to take advantage of market rent growth in the future. The highly efficient floor plan layout provides potential future occupants the ability to occupy 23,000 SF of contiguous office space on one floor. A combination of asset quality, location and strong upside potential make this offering one of Burbanks best available value-add investment opportunities.
Located in the Burbank airport district which is rapidly emerging as a hi-tech hot spot which includes companies such as Yahoo, conference hotels, and dynamic retail surround the Burbank Bob Hope Airport. Home to 40 retailers, the Empire Center is one of the highest grossing retail power centers in California. The city of Burbank has a pro-business environment which features one of southern California healthiest business markets. Burbank business advantages include no city income tax and no gross receipts tax. These business incentives have resulted in synergistic attraction for service providers and the continued increase in entertainment tenants. The subject property is located on the NW corner of San Fernando Road and Winona Ave which is one of the markets major thoroughfare with easy access to the I-5 and 134 freeway.