Los Angeles, Calif., October 28, 2021 – Traditional industrial properties are rapidly becoming hot commodities for creative investors looking to convert existing structures to accommodate their growing needs. In Burbank, the trend is most prevalent in the media and entertainment space, reflective of the industry’s surging need to meet high content demands.
Colliers’ brokerage team comprised of executive vice presidents Matt Dierckman, David Harding, Greg Geraci, and senior vice president, Billy Walk, are anticipatory of such conversions gaining increased traction moving into 2022. As of late, the team has closed multiple property deals wherein warehousing and manufacturing spaces have been converted or entirely redesigned; most recently having represented the seller of a 6-building, 52,474-square-foot multi-tenant entertainment industry campus in the heart of Burbank.
Digiland, located at 2435-2449 N. Naomi Street, was recently transformed from typical industrial-use buildings to a state-of-the-art media campus designed to house the entrepreneurial minds in content development and post-production. The flex property includes ample office and workspaces, conference rooms, creative suites, and event spaces. Colliers’ team negotiated an impressive $23,750,000 purchase price on behalf of the private seller.
“There is definite momentum in the industrial conversion and flex arena,” commented Billy Walk. “This surge is being further propelled by the seemingly insatiable demand for content, overall quality of streaming services, and roughly $330,000,000 tax incentive program passed by CA lawmakers aimed toward the entertainment industry. Digiland, as well as a number of our recent leasing deals, including creative industrial business park Backlot Burbank, are tell-tale signs that there is no end in sight for flex space.”
David Harding, Greg Geraci, Matt Dierckman, and Billy Walk regularly execute more than 100 transactions per year by collaborating effectively. The team enjoys a dominant presence and awareness in the marketplace. The team has built their success through hard work and consistently exceeding client expectations.