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Friday, Mar 29, 2024
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Old Ikea Property Changes Hands

The former Ikea property and building in downtown Burbank sold this month for nearly $5.5 million, according to CoStar Group Inc. Ccdp Nsfb LLC in Dallas paid about $2.44 a square foot for the 45 acres at 600 to 800 N. San Fernando Road. The purchase price separately included the two-story, 221,800 square foot retail building. The seller was Ikea Property Inc. The Swedish retail giant moved in February from its longtime Burbank location built in1990 to a new, larger store a few miles south on San Fernando Road. There were plans to redevelop the old property into multi-family housing and a hotel. A comparable sale was at 14665 Roscoe Blvd. in Panorama City, which sold for $18 million in January 2016 and included a vacant building that had once been a Montgomery Ward store built in 1965. The nearly nine acres of land sold for $47.60 per square foot.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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