A JOINT VENTURE between Pacific Coast Capital Partners, Lehman Brothers and Pacifica Ventures has acquired the historic Culver Studios in Culver City, Calif., for $125 million. The venture, known as Studio City Los Angeles, acquired the 450,000 sq. ft. complex, including 14 sound stages, DeMille screening room, commissary and Culver Studios Office Building from Sony Pictures Entertainment.
AMB PROPERTY CORP. has acquired 32 acres of land adjacent to Tokyo's Narita International Airport, the world's second-busiest airport for cargo volume, to build a $150 million, 1.7 million sq. ft. air cargo complex. The acquisition marks the beginning of AMB's development program in Japan. “Japan is on the front end of a structural shift in its distribution and logistics industry that will require a significant change in the size and configuration of warehouses,” says Hamid Moghadam, AMB's chairman and CEO.
RESIDENTIAL DEVELOPER REL PROPERTIES is planning a 607-acre mixed-use project, called Mundy Mill, in Hall County, Ga. The complex will feature 2,564 homes, including 724 multifamily units, 682 townhomes, 500,000 sq. ft. of retail space and 586,000 sq. ft. of office space. The company plans to break ground by the end of the year.