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October 17, 2021
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LOS ANGELES COUNTY NEWS
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Cruzan and Independencia Asset Management Spend $37 Mil on Burbank Post-Production Facility

9/10/21

A 95k sf, fully leased post-production property in Burbank was acquired for $37.4 mil by a partnership between Cruzan and Independencia Asset Management. It was sold by Strategic Office Partners.

The building, located at 2130 N Hollywood Way, is a single-story, post-production facility, sitting on 4.4 acres. The campus, which was completed in 1965 and last renovated in 2017, is fully occupied by Deluxe Media Inc, a post-production, distribution, and asset management company for the entertainment industry.

CBRE’s Mike Longo, Todd Tydlaska and Sean Sullivan represented the seller in the deal. Greg Grant and Clayton Matsuda, also with CBRE, facilitated the loan on behalf of the buyer.

“The buyer was attracted to the property’s flexible stand-alone characteristics and abundant infrastructure, coupled with its central location within Burbank,” said Longo. “Burbank has been one of the best-performing submarkets in Greater Los Angeles over the last couple years, propelled by the growth within the entertainment business and demand for streaming content.”

Despite near-term trends, occupier demand in Greater LA has demonstrated a robust rebound, particularly compared with other major metro areas. According to CBRE’s Pulse on U.S. Office Demand, Los Angeles stands out as one with the strongest position of growth in 2021 with leasing activity as of June 2021 at 40% above pre-pandemic levels (2018 / 2019 average) and well-above the national average. Leasing remains most active in submarkets like Culver City and Burbank that boast resilient content production-oriented tenants and highly desired creative office space.





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