The 10-year lease is for a multi-tenant warehouse building at 3520 to 3560 Valhalla Dr. NAI Capital’s Chad Gahr and David Young represented Front Signs in the transaction.
Front Signs does 3-D printing, large prints, cutting and engraving, signs and sign permitting.
“Burbank continues to see explosive rental rate growth and heightened demand from businesses seeking to operate within proximity of major entertainment studios,” Gahr said in a statement.
“Immediate access to the Burbank Airport and its easy access to Hollywood and Downtown L.A. has made Burbank one of the most in demand industrial submarkets in all L.A. County,” he added.
Burbank has seen some big leases in the past year including streaming giant Netflix Inc. signing for 171,000 square feet at the Burbank Empire Center at 2300 Empire Ave. It's the largest new office lease this year in L.A., according to CoStar Group Inc.
Los Gatos-based Netflix signed a lease last year at Burbank Studios and leases spaces at two other buildings near the Burbank Empire Center, according to CoStar.
And earlier this year animation production company Titmouse Inc. signed a 95,000-square-foot lease at 2835 N. Naomi St. in a building owned by Brentwood-based GPI Cos.
Burbank also counts Nickelodeon, Walt Disney Co. and Warner Bros. as tenants.
Industrial space in general has been in high demand.
Nationally the industrial sector has seen 41 straight quarters of positive net absorption and vacancy is near an all time low, according to research from CBRE Group Inc.
Locally, 13.7 million square feet of industrial space either sold or leased in L.A. during the third quarter, according to Jones Lang LaSalle Inc.
Asking rent for industrial space in the market was 94 cents a square foot, a 6 cent increase over the previous year.
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