Post-production campus in Burbank sells for $37M
Price was about 75% more than what Strategic Office Partners paid for 95K sf complex
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.
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.