The Burbank-Glendale-Pasadena Airport Authority announced the commencement of a marketing program by its real estate broker, CBRE, to sell the 59-acre “Trust Property” located next to the Burbank Bob Hope Airport, west of Hollywood Way and south of San Fernando Road.

“The Authority is confident that CBRE will do an excellent job of marketing this property and that it will draw considerable interest in the coming months,” said Authority President Steve Madison. CBRE’s announcement of the offering noted the property is one of the largest available transit oriented development sites in Southern California.

“It is located in a highly desirable market that will attract quality tenants and is suited for a variety of uses, including, but not limited to, Class A office and state-of-the-art industrial,” CBRE said.

In addition to location next to Burbank Bob Hope Airport, the site is proximate to transportation routes of Metrolink, Amtrak, Metro Rail, Metro Bus and BurbankBus, the proposed California High Speed Rail and multiple freeways, and it provides strategic access to centers of commerce in all directions.

The 59-acre Trust Property is part of a larger tract of former Lockheed land acquired by the Authority in 1999 in connection with planning for a replacement passenger terminal, and it was placed in trust pending the outcome of dialogue between the Authority and the City of Burbank. The Authority will retain a 49-acre parcel, identified as the “Adjacent Property,” for potential use as a replacement 14-gate terminal site.

The sale of the Trust Property at this time is required by an escrow and trust agreement between the Authority and the City, which stipulated the property must be sold if the two parties had not arrived at an agreement on how the property was to be used by March 15 of this year. Following the completion of the sale, the Authority will have no ownership interest in the Trust Property.

Both parties concluded the Trust Property was not required for a replacement terminal. The purchaser will be responsible for planning the use of the land with the City of Burbank, following the traditional development process prescribed by the Burbank Municipal Code and the California Environmental Quality Act (CEQA).