Montana Avenue Capital Partners has bought a 127,100-square-foot entertainment campus in Burbank for $37 million.
The Sawtelle-based investment firm acquired the office and industrial park at 2777 North Ontario Street, the San Fernando Valley Business Journal reported. The sellers were Washington Capital Management, based in Seattle, and El Segundo-based SSV Properties.
The newly renovated property north of Hollywood Burbank Airport includes two-story office and industrial buildings that are 71-percent leased by entertainment and media companies.
Its office tenants, led by post-production firm Eikon, occupy two office suites containing 79,300 square feet. The industrial section is leased by Iron Mountain, which stores film and other media content in 47,800 square feet.
SSV, which had overseen the campus, completed a renovation at a cost of more than $7 million.
Agents Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Kolcum of Newmark Group represented the seller. David Milestone and Brett Green of Newmark arranged acquisition financing on behalf of the buyer.
Montana Avenue Capital already has a stake in Burbank production facilities.
In November 2021, the real estate investment firm bought a 60,200-square-foot Burbank media production and office campus at 2435-2449 North Naomi Street near Hollywood Burbank Airport for $24 million. It planned to renovate the property and rebrand it as The Foundry.
— Dana Bartholomew
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