Netflix paying $400M for foreclosed LA studios amid shift to property ownership
Netflix is set to drop nearly $400 million on a century-old Los Angeles movie studio that was seized by banks in a foreclosure. The Studio City lot last traded five years ago for $1.85 billion. The Los Gatos-based media and streaming company is under contract for the Radford Studio Center at 4024 Radford Avenue, Bloomberg reported. The sellers were lenders led by Goldman Sachs. The deal for the 55-acre lot with 1.2 million square feet of offices and studios works out to nearly $7.3 million an acre, or $333 per square foot. Hackman Capital Partners, based in Culver City, bought […]This article originally appeared on The Real Deal. Click here to read the full story.
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