Panavision Facility Sells for Record $8.12 MillionFriday, July 13, 2012
A building fully occupied by film equipment maker Panavision Inc. has traded hands for $8.12 million in Hollywood’s largest office sale this year, sources told the Business Journal.
West L.A.’s JMS Ventures Inc. bought the 24,000-square-foot building at 6735 Selma Ave. on June 11. The seller was L.A. developer Bob Champion, whose Selma Venture LLC purchased the building last year for $20 million as part of an eight-property portfolio, according to CoStar Group Inc.
Panavision, headquartered in Woodland Hills, has five years left on its lease at the building, constructed for the company in the late 1990s.
JMS, which has several Westside creative office buildings in its portfolio, has been looking to break into the Hollywood market and intends to hold onto the building long term, a source said.
Champion, who could not be reached for comment, is developing an $80 million, 250-unit apartment complex nearby at Selma and Highland avenues.
Ian Strano, executive vice president at NAI Capital in West L.A., represented the buyer. Jeff Pion and Rob Waller at CBRE Group Inc.