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Burbank Airport Puts Terminal Site on Market

February 13, 2001|BOB HOWARD | SPECIAL TO THE TIMES

Airport officials have formally hung out the "for sale" sign on one of the largest parcels of land available for development in Burbank, an 81-acre former Lockheed facility that formerly was intended as the site of a new passenger terminal.

The Burbank-Glendale-Pasadena Airport Authority has named Cushman & Wakefield to market the property, which is adjacent to the northeastern border of the airport.

The land may be sold as one parcel or split into several, depending on the offers received, according to Matt Hargrove, one of the Cushman & Wakefield brokers marketing the property.

The land is zoned for office and industrial uses, Hargrove said. He noted that demand for office space is especially strong in Burbank, where the vacancy rate is 2.5% and recent new developments have leased quickly. The land is part of 130 acres that the airport purchased from Lockheed in 1999 for $86 million in anticipation of building a new passenger terminal.

But the airport and Burbank officials were unable to agree on plans for a terminal at the site, so the airport authority last year abandoned its plans in favor of an alternative location on land it already owns.

The airport authority will retain the remaining 49 acres of the Lockheed property to be used as a "buffer zone" between the Burbank Airport and future development, airport spokesman Victor Gill said.

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