Burbank Town Center Sells for $ 136 Million | San Fernando Valley Business Journal
Friday 5th November 2021
Burbank city center.
Burbank Town Center sold for $ 136 million, or $ 136 per square foot.
Onni Group, a Canadian real estate developer best known for residential projects, has signed up with the purchase of the 1.2 million square foot shopping complex at 201 E. Magnolia Blvd.
The Burbank Town Center originally opened in 1991 with anchor tenants Sears and Mervyn’s. In 2018, the Burbank Town Center underwent a $ 60 million renovation.
Over the years, the mall’s tenants have included Ikea, Bullock’s, AMC Theaters, Circuit City, and Burlington Coat Factory.
Newmark represented the seller, Barings, although real estate records also listed Cypress Equities owned by Burbank Town Center.
The Onni Group plans to convert Times Mirror Square, the former headquarters of the Los Angeles Times, into two residential towers with 1,100 apartments and 34,000 square meters of retail space at street level.
While Onni has not announced any redevelopment plans for the site, Burbank Town Center is well positioned for its location within the Burbank Media District and has the lowest office vacancy rate in the Greater Los Angeles area of 6.5 percent, according to Colliers International.
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