Marcus & Millichap is pleased present a 100% occupied leased investment in Burbank, California. Located on the corner of W. Verdugo and Flower Street, at 401 S. Flower Street; the property is utilized as a production and post-production facility. The real estate consists of an approximate 5,682 square foot, single tenant, free standing building situated on a 7,971 square foot lot (0.18 acres).
Built in 1979 and renovated in 2006, this industrial flex building is concrete block construction on a poured concrete slab. The subject property has an open surface parking lot with 10 spaces (1.76/1,000 ratio). Additional building specs include: 80% office build out, fully equipped kitchen, one (1) ground level loading door, 16 foot clear height, and 600AMP/3P power (buyer to verify).
The subject property is located near the Glendale/Burbank border just west of the 5 Freeway and with easy access
to the 134 Freeway. This infill industrial/flex sub-market has seen continued high demand which has resulted in tight occupancy and upward pressure on rents. The building is currently occupied by Sabre Media Studios and is operating on a modified gross lease structure that runs until 5/31/2019. The tenant has 2, 3-year options, each with a CPI increase (3% min-5% max). Current rent is approximately 37% below market, leaving tremendous upside for an Investor when the current lease expires.
Sabre Media Studios is a state of the art production and post-production facility. It has hosted several award-winning production and post-production companies, such as Cartoon Network/Turner Entertainment, Disney, Stoopid Buddy Stoodios, Adult Swim, Nickelodeon, The Tom Lynch Co., Warner Bros. Animation and Hacienda Post.
