Vital Statistics
Property Address: CBS Studio Center, 4024 Radford Ave, Studio City
Square Footage: 1,250,000
Deal Value: $1.85 billion
In this massive entertainment real estate deal with sound stages, office and land, JLL, on behalf of ViacomCBS, sold for $1.85 billion the 55-acre CBS Studio Center to Hackman Capital Partners and Square Mile Capital Management BTC III Acquisitions, LLC. The sale represented one of the largest ever operating business studio transactions for a TV studio complex in Los Angeles history.
This deal underscores the demand and value of fully serviced sound stages in Los Angeles as the entertainment industry is short on facilities to create TV shows and movies for streaming. Wells Fargo reports top 9 leading media and tech companies will spend $140 billion on content in 2022, up 10 percent, year-over-year.
The CBS Studio Center property, known locally as “CBS Radford,” is a 22 hectare site with 22 sound stages in the Studio City neighborhood, where production stretches from the silent picture era through TV classics “Gilligan’s Island” and “Seinfeld” to the current action series “SEAL Team.”
As part of the deal, CBS Broadcasting Inc. will enter into a long-term lease-back at the Studio City site, while ViacomCBS will continue to occupy stages and produce content on the lot. JLL brokers Carl Muhlstein and Kevin MacKenzie represented ViacomCBS in the transaction.
Vital Statistics
Property Address: Reliance Business Park, Interstate 210 and Irwindale Avenue, Irwindale
Square Footage: 3,898,620
Deal Value: $190 million
CBRE announced that Clarion Partners purchased the 89.5-acre Reliance Business Park in Irwindale, Calif. for $190 million. Barbara Perrier, Darla Longo and Lynn Knox with CBRE represented the seller, Vulcan Materials Co. CBRE was also hired to market the property for leasing going forward. Located at the northwest corner of the interchange at Interstate 210 and Irwindale Avenue, the land is zoned for a variety of commercial uses, including industrial, retail and mixed-use. The site is also nearby to the 605 San Gabriel and Interstate 10 San Bernardino freeways, making it easily accessible from all of Southern California.
Vital Statistics
Property Address: 3401 South La Cienega Boulevard, Culver City
Square Footage: 156,380
Deal Value: $92 million
Newmark arranged the $92 million sale of an 156,380 square foot (3.59 acre) opportunity zone and development site located at 3401 South La Cienega Boulevard in Culver City. Newmark’s co-head of U.S. capital markets Kevin Shannon; executive managing directors Ken White and Rob Hannan and senior managing director Laura Stumm represented the seller, La Cienega Properties, Ltd. Lendlease Development acquired the asset. The site currently houses 1,144 self-storage units across approximately 86,897 rentable square feet.
