Post-production campus in Burbank sells for $37M

Price was about 75% more than what Strategic Office Partners paid for 95K sf complex

Post-production campus in Burbank sells for $37M
Cruzan co-founder Dennis Cruzan and 2130 N Hollywood Way (, CBRE)

Investor demand for studio and post-production facilities across Los Angeles remains strong, fueled by the rapid rise in content from streaming services during the pandemic.

In the latest deal, San Diego-based Cruzan and South American investment firm Independencia Asset Management paid $37.4 million for a 95,000-square-foot post-production complex in Burbank.

The seller was Strategic Office Partners, a venture of TPG Real Estate and Gramercy Property Trust. It bought the single-story building at 2130 N. Hollywood Way for $21.5 million in 2016, records show. The sale price was nearly 75 percent more than what it paid.

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The property is fully leased to Deluxe Media, an entertainment distributor that has been there since 2000, according to marketing materials. A team led by CBRE’s Mike Longo and Todd Tydlaska brokered the deal.

It is Cruzan’s first production deal in L.A. — the company owns a 112,000-square-foot office complex in Beverly Hills, a 320,000-square-foot office tower in Glendale, along with other properties in Calabasas and Torrance.

Last month, ViacomCBS began looking to offload its 38-acre production studio in Studio City, as it continues to shrink its real estate portfolio.

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