Captiva Partners, Avalon Investment Company and Private investor Purchase Two Warehouses Totaling 189,000 Square Feet in Los Angeles – CBRE
23 Jul 2020
Los Angeles – CBRE announced the purchase of a 189,000 square-foot creative office and industrial campus in Los Angeles by a joint venture between Captiva Partners, Avalon Investment Company and a private investor for an undisclosed amount.
Matt Dierckman, David Harding, Greg Geraci, and Billy Walk of CBRE represented the buyer.
Located at 4561 Colorado Boulevard, the 7.3 acre property offers immediate access to the 5 and 134 freeway. It is situated 1.5 miles from Disney’s Grand Central campus and Dreamworks’ headquarters in Glendale, 3 miles from Burbank and 5.9 miles from Hollywood via Los Feliz Boulevard.
The proximity to major studios as well as a diverse range of amenities is likely to attract entertainment tenants searching for creative office and industrial space.
The front 146,000 square-foot building has a Mid-Century Modern design with two-storied offices, ample warehouse space and a third-level upper deck and community room that offers 360-degree views of Griffith Park, Downtown Glendale, and the Verdugo Mountains. The rear 43,000 square-foot structure features an open, clear-span footprint with high ceiling clearance, ideal for potential future sound stage uses.
The CBRE team also represented the seller, Western Studio Services, which formerly also occupied the facility. 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.
“The Burbank, Glendale, Atwater area remains one of the tightest real estate markets in Los Angeles County,” said Harding. “This project is ideal to meet the ever-increasing demand by entertainment companies and the insatiable need to produce more content. This property will provide new options for those companies looking for fresh creative office and creative industrial space.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.