October 25, 2016
El Segundo, CA-based Paragon Commercial Group acquired Airport Plaza, a 135,039-square-foot neighborhood shopping center in Burbank, CA, for $37 million. The sellers included Alton Jennings Trust, which owned the land for more than 40 years, and Airport Plaza Inc., the leasehold owner.
The new owners plan to strategically redevelop and reposition the shopping center over time. The asset encompasses four buildings currently 100% leased to six tenants, including anchors Hobby Lobby and Toys’R’Us.
Savills Studley’s National Retail Services Group’s Bill Bauman and Kyle Miller represented both buyer and seller in the off-market transaction.
Bauman says the transaction was driven “by exceptionally high tenant demand and very limited supply,” which combined to make “Airport Plaza an extremely attractive opportunity.”
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