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6/26/12
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A joint venture between Los Angeles/New York-based Centurion Real Estate Partners and Connecticut-based Five Mile Capital Partners has acquired 3300 Riverside Dr, a 55k sf building adjacent to the Warner Brothers studio lot in Burbank. Built in 1984, the four-story building is visible from the CA-134 Fwy.
The purchase was financed with $12.6 mil provided by Mesa West Capital. The financing included capital to lease up the building, which is currently vacant.
The sponsor has a demonstrable track record of buying well located assets and executing on their business plan to successfully attract quality tenants seeking proximity to the studios, says Mesa West Principal Ronnie Gul, who originated the financing.
Last year, with financing from Mesa West, Centurion and Five Mile acquired 4444 Lakeside Dr from long-time owner/occupant Shamrock Holdings. The 37k sf office building was 33% leased at close, but the sponsors were able to lease the entire property within 12 months. Additionally the sponsorship group owns 4411 Olive, which is fully leased to Warner Brothers.
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