Following a $70 million renovation, Onni Group has purchased a 1.2 million square-foot shopping center in Burbank for $136 million, according to sources familiar with the transaction details. The Vancouver, Canada-based real estate investment firm purchased the property, also referred to as Burbank Town Center, from Barings, which was represented by Newmark during the transaction.
Located at 201 E. Magnolia, the three-story shopping center features more than 100 stores, dining options and entertainment venues. These include Mongolian Grill, Old Navy, Sears, AMC and Ashley Furniture, among many others.
The property is located just off Interstate 5 and is in close proximity to a variety of retail assets as well as the Hollywood-Burbank Airport and many nearby attractions in downtown Los Angeles.
“Burbank Town Center is 25 minutes from Los Angeles and located off I-5 in Downtown Burbank, the landmark Burbank Town Center offers a choice of more than 170 retail shops, restaurants, entertainment venues and lifestyle services. Just a few miles northeast of Hollywood and known as the ‘Media Capital of the World,’ Burbank is home to Walt Disney and Warner Bros. Studios,” the property’s website states.
Built in 1991, the property was most recently renovated by Barings in 2019. According to the property’s website, renovations include a second-level dining terrace, a new food court with ground floor quick-service eateries, new entrances and flooring.
For more than 50 years, Onni Group has been developing and acquiring a variety of commercial assets in Canada as well as various U.S. cities, including Los Angeles, Seattle, Chicago and Phoenix. According to the company’s website, Onni Group has constructed more than 15,000 homes, owns and manages more than 7,200 rental apartment units and has developed more than 11.5 million square feet of office, retail and industrial space. An additional 28 million square feet of commercial space is also in the development process.