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Sale of airport property proceeds

August 10, 2002

Laura Sturza

Los Angeles land owned by the Burbank- Glendale-Pasadena Airport

is one step closer to being sold for $16 million since the Burbank

City Council approved the planned use of the 22 acres.

The land is part of the 81-acre Trust Property, which the city and

the airport agreed to sell to a third party for nonaviation use in

1999. How the airport will use the money has not been determined.

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"We're just trying to close the transaction ... before planning

for use proceeds," Airport Authority Executive Director Dios Marrero

said.

The City Council approved the sale at its July 30 meeting.

The buyer, Voit Development Company, will build light industrial

manufacturing facilities on the triangular property that borders San

Fernando Road, Cohasset Street and the north end of the airport.

"The market in that area is very tight for newer industrial uses

for sale," said Tim Regan, Voit vice president for development and

acquisition.

The company plans to construct 450,000 square feet of concrete

buildings suited for post-production companies, Regan said.

While the buildings mostly will be marketed to sell for $90 to

$110 per square foot, rentals also will be considered, Regan said.

"We're seeing those prices on much older and inefficient

buildings," Regan said.

The project is a welcome addition to the area, since rent prices

will be lower than those available in Burbank, City Manager Bud Ovrom

said.

"[Their plans are] not in conflict with anything we are doing and

probably are complementary," Ovrom said. "It's good to have space

like that in your economic region."

The company is refining the site plan, applying to the city of Los

Angeles for entitlements and submitting a draft traffic study to that

city's department of transportation, Regan said. The analysis

includes the study of intersections requested by Burbank traffic

engineers.

Traffic in the area is not expected to dramatically increase.

"I do not think it will be a big jump [in traffic] over what used

to be there when it was Lockheed," Ovrom said.

The sale is expected to close in March.

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