Joint venture buys SoCal space, plans office project

Spending could top $30 million

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Grubb & Ellis Co. represented a joint venture between Xebec Development Co. and IDS Real Estate in the purchase of an 80,000-square-foot industrial building on 152,000 square feet of land in Burbank, Calif. The value of the transaction was $9 million. Xebec and IDS plan to redevelop the industrial facility, located at 210 South Victory Blvd., which was last used by a defense-related firm, into a creative office project with a total project investment of more than $30 million. Grubb & Ellis Co. is a full-service commercial real estate organization operating worldwide. *** What's your opinion? Send your Letter to the Editor to