May 6, 2016
Irvine-based Crown Realty & Development, Inc. sold one million square feet of Burbank Town Center to Dallas-based Cypress Equities for $250 million.
The only part of the 1.2-million-square-foot retail asset not sold was a 206,000-square-foot store that IKEA plans to vacate. That space will be jointly redeveloped by Crown and Cypress. It is envisioned to include 1,000 apartment units, above 50,000 square feet of street-level retail space.
The 37-acre site along Interstate 5 includes 170 retail stores, restaurants, entertainment venues and lifestyle services in an 807,000-square-foot enclosed three-level mall and eight adjacent buildings.
New York-based Eastdil Secured advised Crown Realty on the transaction.