Sawtelle-based Montana Avenue Capital Partners has acquired a media campus in Burbank for $24 million.
The six-building media campus at 2435-2449 N. Naomi St. has 60,177 square feet of space, including creative suites, editing bays, production offices, soundproof recording studios, and a large production or event space.
Montana Avenue Capital Partners is branding the property as The Foundry. The company has plans to upgrade the buildings and outdoor amenity spaces.
Industry Partners’ Bryan Carnes represented Montana Avenue Capital Partners in the transaction and will lease the property.
The Burbank office market is in high demand due in large part to being home to media companies including Walt Disney Co. and Warner Bros.
During the third quarter of 2021, the Burbank office market saw a vacancy rate of 7.4%, which was the lowest of any market in L.A., according to data from Jones Lang LaSalle Inc.
JLL also found that the asking rate for Class A properties during the quarter was $4.32 a square foot, up 57 cents in a year.
And there have been a few other noteworthy sales in the area.
Earlier this month, Century City-based Cityview and New York-based Clarion Partners announced the acquisition of a 276-unit multifamily property in Burbank known as Empire Landing for $161 million.
The units include 41 three-story townhomes with two-car garages, making it the only rental property in Burbank with townhomes larger than 1,500 square feet, according to Clarion and Cityview. The two companies are planning to upgrade the property units and amenities.
Also this month, Century City-based LaTerra Development and Vancouver-based QuadReal Property Group announced a $198.5 million construction loan for a project in Burbank at 777 N. Front St.
When completed, it will have 573 apartment units, 69 of which will be affordable units. Financing was provided by BMO Harris Bank and Citizens Bank.