Airport Authority Sells 59 Acre ‘Opportunity Site’

By On November 3, 2015

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.

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.