Technicolor sells shipping, manufacturing complex
By Daniel Wolowicz camarillo@theacorn.com

DVD maker and entertainment company Technicolor recently confirmed the sale of its 50-acre Camarillo campus to Sandstone Properties, a Santa Monica-based private real estate investment firm.

Terms of the deal are confidential. However, the San Fernando Valley Business Journal reported late last month that the two Mission Oaks Boulevard buildings, which total 908,000 square feet, sold for about $100 million.

Karen Terterian, director of administrative services for Technicolor, said the company will lease back half of the property for manufacturing use, and will retain its corporate office space.

Terterian said the buildings went on the market in late March and attracted multiple offers.

"It's a great building, and what we have here that a lot of people don't have is a lot of acreage," Terterian said. "It's a beautiful complex."

Boston-based CresaPartners and Los Angeles-based GVA DAUM represented Technicolor in the sale. TOLD Partners of Woodland Hills is marketing the lease on the buildings for Sandstone.

Brian Lebow and Douglas Hansford, sales associates with TOLD, would not comment on the terms of the lease or the sale, citing a confidentiality agreement between Sandstone and Technicolor.

Sandstone, a 13-year-old real estate firm, manages about 2.5 million square feet of property located primarily throughout Southern California, according to the firm's website. Sandstone also lists properties in Colorado, Arizona, Florida and Costa Rica, and owns a 310,000square-foot manufacturing building which neighbors the Technicolor campus on Mission Oaks Boulevard.

Technicolor, a Thomsonowned company, sold the Camarillo manufacturing and office buildings following a companywide downsizing in April that cut some 1,200 jobs from its North American manufacturing and shipping facilities.

The jobs, according to Technicolor officials, were eliminated in an effort to consolidate the company's workforce and move most of its DVD manufacturing to an existing plant in Guadalajara, Mexico.

More than 600 jobs were eliminated at the Camarillo facility. Technicolor is headquartered in Burbank.