Hileman Cowley snags Glendale production facility for $15.4M
Hileman Cowley Partners, a joint venture between Cowley Real Estate Partners and the Hileman Company, has purchased Victory Studios, a 56,547-square-foot television production and broadcast center in Glendale, for $15.38 million.
The facility, fully occupied by Telepictures Productions, a division of Warner Bros. Entertainment, was purchased in partnership with LLJ Ventures, the private equity arm of the LM Group, a money management firm with over $7 billion of assets under management.
Telepictures is best known for hosting the production of “The Ellen DeGeneres Show.”
The 1840 Victory Boulevard facility, built in 1969, comprises 230 parking spaces, two audience rated sound stages and related production facilities tailored to broadcast media, and executive offices.
The deal was financed through Mike Guterman and Brad Sevier of Highland Realty Capital.
Andrew Berk and Mark Evanoff of Avison Young represented the sellers, Victory Partners and Mason Trust.
“This was an extremely complex transaction that involved the acquisition of a ground lease as well as the fee simple interest of the property, in addition to negotiations and interaction with a multitude of involved parties,” Evanoff said in a statement.
Cowley Real Estate Partners is the company behind projects such as One Santa Fe, a mixed-use residential and retail project in Downtown’s Arts District. A spokesperson for the company was not immediately available for comment.