The office vacancy rate in the Burbank, Glendale, and Pasadena market slid notably in the fourth quarter, hitting 11.6 percent from 12.3 percent the prior quarter, and compared with 13.5 percent in the year-earlier period. Class A rents climbed only a tad to $3.09 a square foot from $3.06 in the third. Net absorption was 158,496 square feet.
-TIAA sold the 300-unit Trio Apartments at 44 N. Madison Ave. in Pasadena to a Rosemead private partnership connected to Panda Restaurant Group Inc. co-founders Andrew and Peggy Cherng for $154 million.
-Pixelogic and Hula Media Post each signed long-term leases at Alameda Enterprise Inc.’s 4000 W. Alameda Ave. in Burbank, with Pixelogic taking 16,680 square feet and Hula taking 20,740.
-Motion Picture & Television Fund sold a 24,850-square-foot medical building at 4323 Riverside Drive in Burbank occupied by UCLA Health to Worchell Hollywood Properties for $14.3 million.
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