Creative Office and Warehouse Campus Trades for $38M in LA
The 7.3-acre property includes 189,000 square feet of space near Glendale
By Greg Cornfield July 24, 2020 10:00 am
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A joint venture involving Captiva Partners, Avalon Investment Company and Westbrook Partners has acquired a 189,000-square-foot creative office and industrial campus in Los Angeles for about $38 million.
The two-building property was owned and formerly occupied by Western Studio Services. Westbrook Partners led the purchase through its entity, 91 CM Colorado Owners, LLC, according to the new deed and property records.
Captiva, Avalon and Westbrook did not return requests for comment. CBRE (CBRE) announced the deal and represented both the buyer and seller. But the brokerage declined to confirm the sale price, and Westbrook Partners was only identified as a private investor.
The 7.3-acre property is located at 4561 Colorado Boulevard, between the L.A. River and West San Fernando Boulevard. It’s about 1.5 miles from Disney’s Grand Central campus and Dreamworks’ headquarters in Glendale.
The front 146,000 square-foot building has a mid-century modern design with offices and warehouse space, as well as a third-level upper deck and community room. The rear 43,000 square-foot structure could be used for potential soundstage use.
Western Studio Services was founded by brothers Scott and Mark Leonard in the 1970s when they began storing sitcom sets in their grandmother’s garage.
Matt Dierckman, David Harding, Greg Geraci, and Billy Walk of CBRE represented the buyers.
“The Burbank, Glendale, Atwater area remains one of the tightest real estate markets in L.A. County,” Harding said in a statement. “This project is ideal to meet the ever-increasing demand by entertainment companies and the insatiable need to produce more content.”
