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LOS ANGELES-United Trust Fund of Miami and GE Real Estate have executed the sale-leaseback of a 65,00-sf office and warehouse building. The partners bought the property, which is at 2701 Media Center Drive, from video digital services firm Point.360 for more than $16 million.
As part of the deal, Point.360 has signed a 15-year net lease to remain in the building. The company is one of the largest providers of high-definition digital mastering, data conversion and video asset management services to the entertainment and advertising industries.
The facility is a two-story structure comprising approximately 20,000 sf of office space, with the balance of the space a climate-controlled warehouse. The building was developed in 2001.
Fred Berliner, SVP at United Trust, tells GlobeSt.com that the joint venture of United and GE is pursuing other sale-leaseback deals in Southern California. United Trust specializes in sale-leasebacks, corporate build-to-suits and the acquisition of corporate net-leased assets throughout the US.
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