JLL Adds 1.3 MSF to CA Management Portfolio
Cypress Equities purchased Burbank Town Center two years ago and Glendale Marketplace in 2013. The company invested $60 million in the renovation of the first retail asset.
By Jeff Hamann
Burbank Town Center
Cypress Equities has chosen JLL to manage two of its Los Angeles-area retail properties. Burbank Town Center is a large, indoor shopping mall containing 1.2 million square feet and Glendale Marketplace is a 153,525-square-foot outdoor shopping and entertainment center.
Cypress acquired the Burbank asset in 2016 from Crown Realty & Development and the Glendale buildings in 2013 from Eagle Group, according to public records.
Landmark properties
Glendale Marketplace
Situated at 201 E. Magnolia Blvd., Burbank Town Center is next to Interstate 5. Cypress recently completed a $60 million renovation project to update the structure of the three-story asset. Built in the 1990s, the property is home to Macy’s, Burlington Coat Factory and Sears. In addition to the indoor mall, Burbank Town Center includes eight buildings totaling 206,000 square feet, anchored by Ashley Home Furniture, AMC Theaters and others.
Located at 106 S. Brand Blvd., Glendale Marketplace is approximately five miles southeast of Burbank Town Center. The asset includes two buildings, right in the heart of Glendale’s retail district, one mile south of Ventura Freeway. Cypress renovated the asset in 2015. The structures are home to several national retailers, such as DSW, AT&T and Outback Steakhouse.
Images via Google Maps
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