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Authority Enter Into A Purchase and Sale Agreement with OMP for 59 Acre Trust Property

BURBANK, Calif., November 2, 2015 – The Burbank-Glendale-Pasadena Airport Authority today announced that it, through its real estate broker, Mr. Matthew Hargrove of CBRE Inc., has entered into a purchase and sale agreement with Southern California based Overton Moore Properties (“OMP”) for the 59-acre “Trust Property” located next to the Burbank Bob Hope Airport, west of Hollywood Way and south of San Fernando Road, formerly known as the Lockheed Property on Hollywood Way.

 

This purchase and sale agreement is subject to review by the Trust Property Trustee, Bank of New York Mellon with a purchase price for the property of $72,500,000. The property is being sold unentitled.

With regard to a potential California High Speed Rail station at or near the Burbank Bob Hope Airport, OMP is open to meeting with the California High Speed Rail Authority regarding the site and will look to the City of Burbank for guidance.