Los Angeles – Sept. 8, 2021 – CBRE announced the sale of a fully leased post-production property in Burbank, Calif. to a partnership between Cruzan and Independencia Asset Management for $37.4 million.
CBRE’s Mike Longo, Todd Tydlaska and Sean Sullivan represented the seller, Strategic Office Partners. CBRE’s Greg Grant and Clayton Matsuda facilitated the loan on behalf of the buyer.
The building, located at 2130 N Hollywood Way, is a single-story, 95,000-square-foot post production facility, sitting on 4.4 acres. The campus, which was completed in 1965 and last renovated in 2017, is fully occupied by Deluxe Media Inc., a post-production, distribution, and asset management company for the entertainment industry.
“The buyer was attracted to the property’s flexible stand-alone characteristics and abundant infrastructure, coupled with its central location within Burbank,” said Longo. “Burbank has been one of the best-performing submarkets in Greater Los Angeles over the last couple years, propelled by the growth within the entertainment business and demand for streaming content.”
Despite near-term trends, occupier demand in Greater LA has demonstrated a robust rebound, particularly compared with other major metro areas. According to CBRE’s Pulse on U.S. Office Demand, Los Angeles stands out as one with the strongest position of growth in 2021 with leasing activity as of June 2021 at 40 percent above pre-pandemic levels (2018 / 2019 average) and well-above the national average. Leasing remains most active in submarkets like Culver City and Burbank that boast resilient content production-oriented tenants and highly desired creative office space.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
About Independencia Asset Management
Independencia Asset Management (“IAM”) is a real estate asset management firm headquartered in Miami with an additional office in Boston. Since incorporating in the US in 2004, IAM has invested in more than 18 million square feet of core, core-plus and value-add office, retail, residential and industrial assets in 23 states with more than 15 different local operating partners. To date, IAM has invested in over $3 billion worth of real estate assets through 50 different SPEs. IAM´s current portfolio consists of approximately $2 billion of assets under management through 27 different SPEs.
About Cruzan
Cruzan is a vertically integrated owner-operator focused on acquiring and repositioning commercial real estate assets throughout the West Coast. Cruzan’s focus is on the transformation of office, flex or industrial assets into market leaders. This is achieved through re development, repositioning, management, leasing, and an aggressive operational/amenity push. Cruzan currently owns and operates 13 assets across property types totaling approximately 2.2 million square feet, with offices in Los Angeles, San Diego and Portland, Oregon.
