Cypress Equities buys $250M stake in Burbank mall, plans redevelopment

Los Angeles /
Apr.April 28, 2016 08:30 AM

Cypress Equities has acquired a majority stake, or 1 million square feet, in the Burbank Town Center shopping plaza for $250 million and plans to pump an additional $55 million into renovations and upgrades, REAlert reported.

Located around the intersection of East Magnolia Boulevard and San Fernando Boulevard, the center stretches 37 acres — and eight blocks — in Downtown Burbank. The main portion of the mall is 99 percent leased. Anchor tenants include Macy’s, Sears and Burlington.

Cypress is also partnering with the now-minority owner, Crown Realty & Development, on the remaining portion of the plaza, a 206,000-square-foot storefront that IKEA will be vacating. The partners plan on redeveloping the property into a seven-story, mixed-use complex with 1,000 apartments and 50,000 square feet of retail space. The parcel is valued at $35 million. Cypress’ stake in this portion of the center is unknown.

Eastdil Secured represented Crown in the deal, which had been two years in the works. Previously, the 1992-built shopping center was owned by Pacific Retail Properties of El Segundo. The Irvine-based Crown purchased it in 2003 for $111 million. [REAlert] — Cathaleen Chen


Related Articles

arrow_forward_ios
 Mayor Victor Gordo (Getty, iStock)
Pasadena looks set to end emergency eviction moratorium
Pasadena looks set to end emergency eviction moratorium
Universal Studios backlot (Twitter via Bioreconstruct)
Rise in TV production signals demand for soundstages
Rise in TV production signals demand for soundstages
 GPI Companies’ Drew Planting and Cliff Goldstein (GPI, Loopnet)
GPI looks for big return on 110K sf Burbank medical complex
GPI looks for big return on 110K sf Burbank medical complex
Hines makes first foray into studio real estate
Hines makes first foray into studio real estate
Hines makes first foray into studio real estate
Burbank mayor Bob Frutos, Burbank Aero Crossing and LaTerra Development's Charles Tourtellotte (Getty, LaTerra Development)
Burbank approves mixed-use plan for former big-box retail
Burbank approves mixed-use plan for former big-box retail
$90.5M for Burbank office tower
$90.5M for Burbank office tower
$90.5M for Burbank office tower
Value-add eyed in latest deal for Burbank media space
Value-add eyed in latest deal for Burbank media space
Value-add eyed in latest deal for Burbank media space
LaTerra gets $198.5M to finance Burbank apartments
LaTerra gets $198.5M to finance Burbank apartments
LaTerra gets $198.5M to finance Burbank apartments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...