{"id":1004550213,"date":"2021-09-09T05:28:52","date_gmt":"2021-09-09T13:28:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004550213"},"modified":"2022-12-08T15:04:39","modified_gmt":"2022-12-08T23:04:39","slug":"la-post-production-facility-trades-for-37m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/la-post-production-facility-trades-for-37m\/","title":{"rendered":"LA Post-Production Facility Trades for $37M"},"content":{"rendered":"
\"\"<\/a>

2130 N. Hollywood Way. Photo courtesy of CBRE<\/p><\/div>\n

Creative office continues to be a top-performing property type in Los Angeles\u2019 road to recovery. A partnership of Cruzan and Independencia Asset Management has acquired a post-production facility in Burbank for $37.4 million. Strategic Office Partners sold the fully leased property, which it owned since 2016.<\/p>\n

Cruzan owns several office properties across California markets, including Los Angeles, Orange County and San Diego. This marks the first acquisition in the market for the Latin American investment firm, Independencia Asset Management, which owns office properties in Boston and Pittsburgh.<\/p>\n

The partnership acquired the facility at roughly $393.6 per square foot, on par with the metro\u2019s average of $343, recorded in year-to-date sales through July, CommercialEdge data shows. Demand for creative office in markets like Burbank currently leads construction activity in the metro<\/a>.<\/p>\n

CBRE\u2019s Senior Vice President Michael Longo and Executive Vice Presidents Todd Tydlaska and Sean Sullivan represented the seller in the deal. A different CBRE team of Senior Vice President Greg Grant and Associate Clayton Matsuda facilitated a loan on behalf of the buyer.<\/p>\n

High demand for media production<\/h2>\n

The 95,000-square-foot building last traded in 2016 for $21.5 million, CommercialEdge data shows. Previous owner Strategic Office Partners is an investment platform by TPG Real Estate and Gramercy Property Trust, created in 2016 to target single-tenant assets in high-growth U.S. metros.<\/p>\n

The single-story office property is located at 2130 N. Hollywood Way, roughly 3 miles north of Warner Bros. Studios. The 4.4-acre campus was constructed in 1965 and underwent a renovation in 2017. Deluxe Media Inc.\u2014a post-production, distribution and asset management company for the entertainment industry\u2014is the sole tenant of the building. According to CommercialEdge, the space is leased through July 2026.<\/p>\n

Nearby submarkets like Burbank, Culver City and North Hollywood have been in high demand this year, with creative space for media production sold at a premium. In May, Pendulum Property Partners acquired a seven-story creative office property for $61.5 million<\/a>, in Burbank. Roughly 5 miles north of Cruzan and Independencia\u2019s new asset, Hudson Pacific and Blackstone partnered to build Sunset Glenoaks Studios<\/a>, another studio facility, estimated to cost between $170 and $190 million to develop.<\/p>\n","protected":false},"excerpt":{"rendered":"

Deluxe Media Inc. is the sole tenant of the building.<\/p>\n","protected":false},"author":1284,"featured_media":1004550214,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742,21747,15],"tags":[32789,51477,34806,36767],"class_list":["post-1004550213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-los-angeles","category-latest","category-office","category-west","tag-cbre","tag-cruzan","tag-independencia-asset-management","tag-tpg-real-estate"],"acf":[],"yoast_head":"\nLA Post-Production Facility Trades for $37M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/la-post-production-facility-trades-for-37m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LA Post-Production Facility Trades for $37M\" \/>\n<meta property=\"og:description\" content=\"Deluxe Media Inc. is the sole tenant of the building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/la-post-production-facility-trades-for-37m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-09T13:28:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:04:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/2130-N-Hollywood-Way.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2929\" \/>\n\t<meta property=\"og:image:height\" content=\"2343\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tudor Scolca\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/la-post-production-facility-trades-for-37m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/la-post-production-facility-trades-for-37m\/\",\"name\":\"LA Post-Production Facility Trades for $37M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/la-post-production-facility-trades-for-37m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/la-post-production-facility-trades-for-37m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/2130-N-Hollywood-Way.jpg\",\"datePublished\":\"2021-09-09T13:28:52+00:00\",\"dateModified\":\"2022-12-08T23:04:39+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/daae3daa7b99fdfb75a85cb3cd92a26d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/la-post-production-facility-trades-for-37m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/la-post-production-facility-trades-for-37m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/la-post-production-facility-trades-for-37m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/2130-N-Hollywood-Way.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/09\/2130-N-Hollywood-Way.jpg\",\"width\":2929,\"height\":2343,\"caption\":\"2130 N. 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