BURBANK, CA-Lionstone Partners LTD of Houston has acquired the 137,707-sf Alamedia Media Center at 2901 W. Alameda Ave. from Brentwood-based MJ Realty Group for $46.3 million, according to Madison Partners. The transaction is a net lease deal in which the buyer is getting a building that is fully occupied by Ascent Media, an entertainment industry firm that specializes in film editing and related services.
Bob Safai of Los Angeles-based Madison Partners, who brokered the deal, tells GlobeSt.com that the seven-story building was developed as a build-to-suit for Ascent Media in 1981. Since then, the film-editing company has spent $10 million on capital improvements for the infrastructure and building systems, plus $3 million to create five screening and editing studios.
Ascent, which has about seven years remaining on its lease, provides a broad range of services to companies in the entertainment industry. Among these are sound and video editing and production, music recording and editing for film and television, sound effects and videotape editing, mastering and duplication.
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