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5/05/16
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SirReel Studio Rentals agreed to a lease for 33k sf of warehouse space in Sun Valley. The building sits on a 100k sf property located at 8500 Lankershim Blvd, east of the 170 Fwy and adjacent to I-5, at Tuxford St. Terms of the deal were not disclosed.
The property recently went through a major renovation by the ownership. It has street frontage and major pylon signage along both Lankershim and Tuxford, and is located blocks from the I-5 Fwy, offering immediate access to Burbank. The facility is located in the Burbank/North Hollywood/Sun Valley submarket of the San Fernando Valley.
CBRE’s Greg Geraci and Dave Harding, along with Matt Dierckman and Billy Walk, represented the landlord, Selective Real Estate Investments, a real estate investment company that specializes in industrial and retail properties throughout Southern California and Nevada. Mike Centurioni of Coldwell Banker Commercial Alliance repped SirReel, which specializes in the leasing of sound stages, grip and lighting equipment, production vehicles, and cast and crew trailers to the entertainment industry.
“Infill locations with functional buildings on oversized yards are nearly non-existent in our market and demand for the property was strong,” said Geraci. “This really was a hand-in-glove fit for SirReel. It will allow the company to consolidate four locations into one mega-facility and offer a one-stop-shop for the entertainment clients in the area.”
First-quarter industrial rental rates rose in the Greater Los Angeles market, according to the latest CBRE research. Over the next 12 months, rents are expected to continue to rise, increasing by 6 percent by year-end 2016.
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