LOS ANGELES – May 11, 2015 – A fund advised by CBRE Global Investors has acquired Gateway at Burbank, a 74,391 square foot two-building Class A dominant grocery-anchored neighborhood shopping center in Burbank. One building is a free-standing grocery store while the other is a multi-tenant retail building anchored by a drugstore. The property is fully leased to seven tenants.
Located along the I-5 Golden State Freeway at 25-113 E. Alameda Ave., Gateway at Burbank is well-located for a grocery-anchored neighborhood center in an established retail corridor. There are 66,127 households within a three-mile radius of the attractive, well-maintained property, which features a hard corner location, signalized entrance and direct frontage along San Fernando Boulevard and East Alameda Avenue, two primary arterials within the trade area. Additionally, Gateway at Burbank is adjacent to the site of the largest future IKEA store in the United States, which is currently under construction and is expected to further increase traffic counts when completed.
Ninety-three percent of the net rentable area is currently occupied by tenants original to the property since its completion in 1999.
“Tenant space demand for Los Angeles retail is strong and is expected to continue,” said Kim Hourihan, Portfolio Manager, Senior Managing Director and Portfolio Manager, CBRE Global Investors. “With easy access to major transportation corridors, executive housing, and numerous destination retail amenities, our acquisition of this dominant grocery- and drugstore-anchored center with proven sales history represents the blend of a strong neighborhood center in an urban location.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $87.1 billion in assets under management* as of March 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 52,000 employees in more than 370 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.