Montana Avenue Capital Partners has purchased a Burbank media production and office campus for $24 million.
The property has six buildings at 2435-2449 N. Naomi St. with 60,177 square feet including creative suites, editing bays, production offices, soundproof recording studios and a large production or event space.
The Los Angeles-based buyer will renovate the property to include new outdoor amenity spaces and rebrand it as The Foundry.
Industry Partners’ Bryan Carnes represented Montana Avenue Capital Partners in the transaction and will act as the leasing agent for the property.
Burbank has been one of the best-performing submarkets in greater Los Angeles, propelled by the growth within the entertainment industry and the demand for streaming content. During the third quarter, Burbank saw an office vacancy rate of 6.5 percent and an industrial vacancy rate of 0.8 percent — the lowest in all of greater Los Angeles — according to Colliers International data.
In September, San Diego firm Cruzan and Miami-based Independencia Asset Management acquired a fully leased post-production facility in Burbank for $37.4 million. The 95,000-square-foot asset, which the partnership bought from Strategic Office Partners, sits on 4.4 acres at 2130 N. Hollywood Way. The facility is occupied by post-production company Deluxe Media Inc.