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11/29/16
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Valencia Studios, a 121k sf full-service television and film production facility in Valencia, traded hands in a recent $19.3 mil ($159/sf) transaction. The asset was purchased by Valencia Holdings LLC and Valencia Studio Group LLC, acting as tenants in common.
The six-acre property, located at 26030 Avenue Hall and 28343 Avenue Crocker, includes a back lot with town set, and six fully air conditioned sound stages ranging in size from 6k sf – 20k sf. Each stage includes adjustable lighting grids, stage power and up to 24’ minimum clearance heights. In addition, there are 46k sf of office space for production, post-production, and support services for full length feature films and television shows, according to the buyer’s legal counsel.
CBS/Paramount has used the facility for the past 20 years to produce such television shows as The A-Team, JAG, Power Rangers, and Moon Lighting, as well as the motion pictures Terminator 2 and Nightmare on Elm Street. The popular television show NCIS is now in its 11th year of production at Valencia Studios.
“We like the studio market space with the increasing number of productions in television and the location of Valencia Studios within the 30 Mile Zone,” said Richard Reilly who purchased the studio along with Art Davis. The property was sold by The Capital Foresight Limited Partnership and Valencia Studios NKG LLC.
CBRE’s Craig Peters and Robert Valenziano represented the seller in the deal. The private buying partnership was represented by Jeffrey Andrew of Cushman & Wakefield Pacific and Jeffrey Tietzer.
“There is a significant increase in production demand due to the influx of streaming content platforms,” said Los Angeles-based law firm Sklar Kirsh Co-Chairman Andrew Kirsh, who advises entertainment companies in real property and studio facility related transactions. “With a lack of high-quality studio sites in Los Angeles County, our client seized on an opportunity to purchase Valencia Studios which is home to one of the most successful television franchises in history.”
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