Value-add urban specialty retail center repositioning
250 N 1st St
Burbank, CA
Town center
39,400 square feet
This 39,400 square foot urban, specialty retail center is in the heart of Downtown Burbank and is a part of a larger mixed-use development that is shadow-anchored by one of the top performing theaters (16-screen AMC) in the country and includes a variety of complementary entertainment-driven tenants. The Burbank Collection is located on San Fernando Boulevard, which is the main pedestrian thoroughfare in Downtown Burbank. Downtown Burbank is an exciting and vibrant commercial district encompassing 34 blocks and attracting more than 10 million visitors each year. This premier retail hub features 280 shops, 90 restaurants, and various entertainment options that draw consumers regionally. At the time of acquisition, the property was approximately 40% vacant. The business plan is to upgrade the center, lease the vacant space, replace weak tenants, and generate new revenue sources.
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