Netflix among suitors interested in purchasing Radford Lot
Netflix is among the potential buyers of the Radford Studios lot in Studio City, according to a source familiar with the talks.
The streamer’s interest in the plot, which was foreclosed on earlier this year, was first reported on X on Sunday by Michael Trujillo, a political campaign consultant. Bloomberg confirmed the report Tuesday, citing three sources with knowledge of the discussions.
Although the deal has not yet been finalized, Netflix is believed to be one of the leading candidates to purchase the property.
Hackman Capital Partners bought the facility from ViacomCBS – as it was then known – in 2021 for $1.85 billion. But occupancy rates have since fallen dramatically while interest rates have risen sharply, causing the company to default on its $1.1 billion bond and ultimately have to hand the lot over to Goldman Sachs, the largest lender.
Trujillo quoted a sale price of about $400 million and said he had heard rumors about the sale from real estate agents and City Hall.
Hackman will continue to manage the property while Goldman looks for a buyer. Both companies declined to comment. Netflix also declined to comment.
The 55-acre site was first built in 1928 and is in need of renovation. Hackman announced plans to invest $1 billion in the property in 2023, but those plans have been put on hold.
Netflix has committed to building a $1 billion studio at Fort Monmouth, a former army base in New Jersey. The streamer is eligible for a 40% state subsidy for productions filmed at the studio, and has also received approval for up to $397 million in tax credits for the redevelopment of the 292-acre parcel.
Netflix has a similar deal in New Mexico, where it bought ABQ Studios in 2018 and invested heavily to expand it. The state offers an unlimited tax incentive of 25%-35% for “production partners,” such as Netflix, that make long-term commitments to production infrastructure.
Hackman, the world’s largest independent studio owner, also owns Culver Studios, Television City and other studios in LA, New York, Great Britain, Vancouver and New Orleans.
