Brentwood-based GPI Cos. has sold the retail portion of the Burbank Collection, a mixed-use development in Burbank that houses condos as well as a Yard House restaurant, for $26.8 million to an unnamed buyer.
The company purchased the property’s retail portion in 2013 for $12.8 million.
The multi-use complex was built in 2008. It has 39,400 square feet of retail space at ground level, as well as 118 condominium units on upper floors. GPI spent $3 million on renovations, working with designer Rios Clementi Hale Studios.
GPI also obtained approvals from the city of Burbank “to remove the cap on food and beverage establishments in the building,” said Drew Planting, managing partner at GPI Cos., in a statement. Planting added that those approvals have “yielded tremendous value for the city as well as our investors.”
The retail portion of the building is nearly fully leased to tenants including several restaurants, such as Panera Bread and the Boiling Crab, and retailers including Skechers. CBRE Group Inc.’s Ken McLeod represented GPI in the transaction.
CORRECTION:
An earlier version of this story mischaracterized the sale. GPI Cos. sold the retail portion of the mixed-use Burbank Collection.
Commercial real estate reporter Hannah Madans can be reached at [email protected]. Follow her on Twitter @HannahMadans
