Joint Venture Acquires the Home of Telepictures Productions
- Mar 17, 2016
Los Angeles–L.A.’s ever-flourishing media industry has inspired yet another real estate transaction. Avison Young recently reported the successful sale of a television production and broadcast center. The property known as Victory Studios was purchased for $15.37 million by a joint venture between Hileman Cowley Partners and LLJ Ventures. Financing for the deal was provided by Mike Guterman and Brad Sevier of Highland Realty Capital, who worked on behalf of the joint venture.
Located at 1840 Victory Blvd. in Glendale, the 1969-built Victory Studios offers a total of 56,547 square feet of space. The asset stands on 3.3-acre land parcels, one of the largest contiguous in the submarket and offers 230 parking spaces. Building improvements list two audience-rated sound stages, related production facilities tailored to broadcast media, and an office component. The property is located near the nexus of the very media-heavy submarkets of Burbank and Glendale.
Currently fully occupied by Telepictures Productions, a division of Warner Bros. Entertainment, the asset is used in the production of shows such as Extra, The Ellen DeGeneres Show and TMZ. The company has occupied the studio for more than 22 years.