Airport Authority Sells 59 Acre ‘Opportunity Site’

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The Burbank-Glendale-Pasadena Airport Authority Commission today announced that, through its real estate broker, Matthew Hargrove of CBRE Inc., it has entered into a $72,500,000 purchase and sale agreement with Southern California based Overton Moore Properties (“OMP”) for the 59-acre “Trust Property” located next to the Burbank Bob Hope Airport, west of Hollywood Way and south of San Fernando Road, formerly known as the Lockheed Property on Hollywood Way.

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This purchase and sale agreement is subject to review by the Trust Property Trustee, Bank of New York Mellon. The property is being sold unentitled.

OMP has expressed a willingness to meet with the California High Speed Rail Authority regarding a potential station site. As the owner of the property, OMP will work with the City of Burbank on the development of the site.

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