Captiva Partners JV Buys Los Angeles Asset for $38M
- Jul 24, 2020
A partnership between Captiva Partners, Avalon Investment Co. and a private investor has acquired a 189,000-square-foot creative office and industrial campus in Los Angeles. Public records show that Western Studio Services—which previously also occupied the space— sold the property for $38 million.
Located at 4561 Colorado Blvd., the asset is less than 2 miles from Interstate 5 and close to a dense residential area. Additionally, the facility is about 2 miles from Disney’s Grand Central campus and Dreamworks’ headquarters, 4 miles from Burbank, Calif., and roughly 7 miles from Hollywood, Calif.
The asset comprises two buildings completed in phases on a 7.3-acre site in 1964 and 2006. The 1460,000-square-foot front building includes a mid-century modern design with two-storied offices, a third-level upper deck and a community room. The smaller building, comprising 43,000 square feet, features an open, clear-span footprint with high ceiling clearance.
Senior Vice Presidents Matt Dierckman, David Harding and Greg Geraci, together with Vice President Billy Walk from CBRE worked on behalf of the buyer. The team recently closed two industrial leases totaling 72,537 square feet at a San Fernando, Calif., property.