This is an incredibly low figure for that property, even taking into consideration the odd city/private sector “redevelopment” effort that went into its origin. And its legal entanglements and conditions.
From the San Fernando Valley Business Journal:
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.
There’s an obvious shell game going on here regarding a property transfer between interested parties. So of course, let’s now give them carte blanche approval on their dynamic new 21st-century 1,500 units and attached hotel.
Whoever they are.