Paragon Commercial Acquires Airport Plaza in Burbank for $37M

BURBANK, CALIF. — Paragon Commercial Group has acquired the leasehold and fee interests in Airport Plaza, a 135,039-square-foot shopping center located in Burbank, for $37 million.

Tenants at the center include Hobby Lobby, Toys ‘R’ Us, O’Reilly Auto Parts and Burger King. Bill Bauman and Kyle Miller of Savills Studley represented the sellers, Airport Plaza Inc. and Alton Jennings Trust, in the transaction. Savills Studley also represented the buyer, which plans to redevelop and reposition the shopping center.