A 127,140-square-foot office and industrial campus located 2777 N. Ontario St. in Burbank has sold for $37 million.
Newmark Group Inc. Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Laura Stumm and Associate Director Michael Kolcum represented the seller, a joint venture between Washington Capital Management and client SSV Properties in the transaction. The buyer was Montana Avenue Capital Partners. Newmark Vice Chairman David Milestone and Senior Managing Director Brett Green arranged the acquisition financing on behalf of the buyer.
“Montana Avenue Capital’s acquisition of 2777 Ontario is yet another example of private capital looking for an attractive entry basis in a desirable office market, which Burbank is,” Shannon said in a statement. “In addition to its highly improved office space, the asset includes a uniquely specialized industrial component in one of the nation’s tightest industrial markets.”
“2777 Ontario plays directly into the prominent and compelling investment thesis to invest in the content creation industries,’” added Hannan. “The entirety of the rent roll is closely aligned with Burbank’s identity as the entertainment capital of the world.”
The property is a newly renovated two-story office and industrial campus that is 71% leased to a tenant roster comprised entirely of entertainment and media-related companies. The property’s office tenants, led by post-production firm Eikon, occupy two office suites totaling 79,312 square feet. The industrial component is leased to Iron Mountain, which utilizes its space to store valuable film and other media content and occupies 47,828 square feet.
Overseen by SSV Properties, 2777 N. Ontario recently completed a $7 million-plus renovation.