Netflix is set to acquire the historic Radford Studio Center for $1.9 billion in Studio City, marking a major expansion of its LA production footprint. Meanwhile, a $54 million loan on two Playa Vista office properties has entered special servicing, reflecting ongoing distress in the office market. In Pasadena, a lender has listed the city's largest office campus at 251 South Lake Avenue, three years after taking it back.
SUBJECT LINE: Netflix Snaps Up Radford Studio Center for $1.9B
PREVIEW TEXT: Netflix is acquiring the historic Radford Studio Center for $1.9B; Playa Vista loan hits special servicing.
LA Development Insider
Thursday, April 23, 2026 | LA Development Intelligence
PERMITS & MAJOR FILINGS
Los Angeles leaders are actively resisting state law SB 79, a landmark housing bill signed by Governor Gavin Newsom last fall. The legislation, hailed as a "YIMBY Holy Grail" by housing advocates, aims to incentivize dense, transit-oriented housing by allowing upzoning near mass transit corridors. This local opposition creates significant uncertainty for developers banking on streamlined approvals for projects in transit-rich areas.
The friction highlights a persistent battle between state mandates for increased housing supply and local control over zoning and development. Developers should closely monitor how these local challenges unfold, as they could impact project feasibility, timelines, and the ultimate density achievable under SB 79, potentially requiring more robust community engagement strategies or legal preparedness.
Related California and the Weingart Center Association are nearing completion on a massive 700-unit supportive affordable housing complex in Downtown Los Angeles. This significant development, located at 555 S. San Pedro Street and 600 S. San Pedro Street, represents a major push to address the city's homelessness crisis. The project, which has been moving through final construction phases, is a collaboration between Irvine-based Related California and the L.A.-based nonprofit.
The project is a crucial addition to DTLA's housing stock, providing much-needed supportive services alongside affordable units. Developers and investors should note the continued emphasis on public-private partnerships for large-scale affordable housing initiatives, particularly in high-need areas like Downtown. The successful delivery of such projects could pave the way for similar ventures, leveraging a combination of public funding and experienced private development expertise.
Netflix is poised to significantly expand its Los Angeles real estate footprint with the acquisition of the historic Radford Studio Center in Studio City. The streaming giant is reportedly in talks to purchase the iconic studio lot at 4024 Radford Avenue for a staggering $1.9 billion, a figure notably less than its 2021 valuation. This move underscores Netflix's continued investment in physical production infrastructure amidst the competitive content landscape.
The acquisition of the 55-acre facility, previously owned by CBS and Hackman Capital Partners, would provide Netflix with substantial soundstage capacity and production offices. This deal, if finalized, represents a major strategic play for the company, ensuring long-term control over critical production assets in a market where studio space remains highly coveted. Developers in the entertainment real estate sector should take note of this colossal transaction, signaling robust demand for purpose-built production facilities.
ENTITLEMENT WATCH
Helio, a local development firm, is continuing its Westside expansion with plans for two new multifamily properties in Palms. The company recently filed two separate applications with the Los Angeles Department of City Planning for apartment buildings at 3520 and 3530 Canfield Avenue. While specific unit counts and project details are still emerging, these filings indicate Helio's ongoing strategy to capitalize on demand in the dense Westside submarket.
These entitlement applications will proceed through the city's planning review process, including potential public hearings. The variance types typically sought for such projects often involve density bonuses or height modifications to maximize unit yield. Community reaction in Palms, a neighborhood experiencing significant redevelopment, will be a key factor to monitor as these proposals advance, potentially influencing the final scope and design.
Gantry has successfully secured a $40 million permanent loan to refinance two industrial properties owned by Xebec in Vernon and Pacoima. The financing package retires maturing debt on cross-collateralized buildings located at 2700 South Eastern Avenue in Vernon and 10101-10111 Norris Avenue in Pacoima. This deal highlights the continued lender confidence in the robust industrial market within the Los Angeles metropolitan area.
The loan provides Xebec with long-term stability for these two active industrial assets. While not an entitlement, securing significant financing demonstrates a commitment to maintaining and optimizing these properties within the region's supply chain infrastructure. The strong demand for industrial space continues to drive investment and refinancing activity, ensuring these facilities remain operational and competitive.
LAND DEALS & ACQUISITIONS
A lender has put Pasadena's largest office campus on the market, approximately three years after repossessing the property. Marketing materials reviewed by The Real Deal indicate the 251 South Lake Avenue campus is available. This significant offering in Pasadena's prime commercial district presents a unique opportunity for investors looking to acquire a large-scale office asset in a historically strong submarket.
The property, previously owned by Heitman, is being listed without an explicit price, but market observers anticipate a substantial valuation given its size and location. The sale comes as office markets nationwide grapple with evolving occupancy trends, making the future plans of a potential buyer crucial. This transaction will be closely watched for insights into investor appetite for large, well-located office campuses in the current climate.
Global alternative investment firm Investcorp has acquired a bicoastal portfolio of three residential assets for approximately $200 million. The portfolio includes 463 units across the Los Angeles and New York metropolitan areas. While specific Los Angeles addresses were not disclosed, this acquisition signals Investcorp's continued bullish outlook on residential properties in high-growth, supply-constrained markets.
The deal underscores the ongoing demand for multifamily and senior living assets from institutional investors. Investcorp's strategy likely involves leveraging strong rental fundamentals and potential value-add opportunities within these properties. The $200 million price tag reflects a competitive market for well-located residential portfolios, emphasizing the sector's resilience compared to other commercial real estate segments.
Progressive Real Estate Partners has brokered the $2.9 million sale of The Armstrong Building, a historic mixed-use property in Pomona. Western University of Health Sciences acquired the asset, located at 150-196 E. Third Street and 345 S. Locust Street. The transaction highlights continued investor interest in well-located, historic properties with redevelopment or adaptive reuse potential in emerging submarkets.
The Armstrong Building, a significant piece of Pomona's downtown fabric, fetched approximately $135 per square foot based on its reported 21,500 square feet. Western University's acquisition suggests potential plans for expansion or integration into its existing campus, aligning with the growing trend of educational institutions investing in surrounding urban real estate. This sale indicates a healthy market for strategically positioned mixed-use assets beyond the immediate core of Los Angeles.
MARKET INTELLIGENCE
A $54 million loan backed by two Playa Vista office properties has been transferred to special servicing after the borrowers, brothers Simon and Daniel Mani, reportedly missed payments. The debt, which was set to mature in October 2029, is secured by assets at 12777 W. Jefferson Boulevard and 5340 Alla Road. This move highlights increasing distress in the office sector, particularly for properties facing tenant challenges or refinancing hurdles.
The properties, which previously housed WeWork, exemplify the ongoing challenges for office landlords in a post-pandemic environment. The transfer to special servicing indicates a more intensive workout process, potentially leading to foreclosure or a negotiated restructuring. This situation serves as a stark reminder for investors and lenders about the persistent volatility and revaluation occurring within the Los Angeles office market.
Kurv Industrial, recently rebranded from Bridge Industrial, has expanded its Orange County holdings with the acquisition of a 348,000-square-foot industrial property from LBA Logistics. While specific financial terms were not disclosed, the deal adds a significant asset to Kurv's portfolio in the highly competitive Southern California industrial market. The property is located in Irvine, a prime logistics hub.
This acquisition underscores the sustained investor appetite for industrial real estate, driven by robust e-commerce growth and supply chain demands. Kurv Industrial's strategic move to bolster its Orange County presence reflects confidence in the long-term fundamentals of the sector, where vacancy rates remain low and rental growth continues to outpace other commercial property types. The transaction further solidifies Irvine's status as a key industrial investment destination.
QUICK HITS
WHY THIS MATTERS
Today's news signals a complex, yet active, LA real estate market. Netflix's $1.9 billion studio acquisition underscores the enduring strength of the entertainment sector and the value of specialized, large-scale assets, suggesting developers should eye niche, high-demand property types. Concurrently, the $54 million Playa Vista loan hitting special servicing highlights the ongoing fragility in the traditional office market, pushing developers to re-evaluate underwriting and tenant risk. The resistance to SB 79 by LA leaders, despite state mandates, indicates that even "YIMBY Holy Grail" legislation faces local hurdles, meaning developers must remain agile in navigating a fragmented regulatory landscape and be prepared for potential delays or modifications to transit-oriented projects.
Intelligence sourced from 11 LA real estate feeds. Published daily by ABR Media Group | ladevinsider.com
SUMMARY: Netflix is set to acquire the historic Radford Studio Center for $1.9 billion in Studio City, marking a major expansion of its LA production footprint. Meanwhile, a $54 million loan on two Playa Vista office properties has entered special servicing, reflecting ongoing distress in the office market. In Pasadena, a lender has listed the city's largest office campus at 251 South Lake Avenue, three years after taking it back.
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