The LA Deal Sheet
BLT Enterprises is going Hollywood.
As a sign of growing demand due to the influx of streaming movie and television services, Santa Monica-based BLT Enterprises is forming a new subsidiary business called BLT Studios after acquiring the Ben Kitay Stages.
BLT Studios will provide stage and equipment rentals for movie and television productions, BLT Enterprises founder and President Bernard Huberman said in a news release.
“Forming a new operating business was not in our original plan,” Huberman said. “We originally looked at this acquisition as a pure real estate play; however, after rolling up our sleeves and learning about the exciting business … we quickly realized this was an opportunity we didn't want to pass up.”
BLT acquired the Ben Kitay Stages for an undisclosed amount. The purchase includes four soundstages totaling 34K SF around Hollywood and Los Angeles.
Lee & Associates’ Aaron Wilder and Brad McCoy represented BLT.
The advent of Netflix, Hulu and other streaming services along with traditional television and movie production contributed $6.8B to California’s economy in 2018, according to the LA Daily News.
Since 1983, the Ben Kitay Stages have served as the location of several television shows, commercials and music videos.
Huberman said there is an in-demand market niche for these types of studio space.
"While smaller in scale, these full-service stages offer all the capabilities of larger production facilities and are in high demand," Huberman said.
SALES
Trojan Storage has purchased a 1.87-acre industrial parcel in Glendale from a private owner for $9M. A 57K SF industrial building currently sits on the site at 620 West Elk Ave., according to Reonomy. Trojan Storage plans to raze the building and begin construction on a 220K SF self-storage facility, according to brokers Emil Gurfinkel and Ken McLeod of CBRE, who represented the buyer and seller.
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Harbor Associates and Blue Vista Capital have sold a 196K SF office campus in Thousand Oaks to Strategic Office Partners for $41.35M. The Conejo Corporate Campus is a two-building property at 2380 and 2400 Conejo Spectrum St. that is currently 100% leased to Sage Publications and Atara Biotherapeutics. Newmark Knight Frank's Kevin Shannon, Ken White, Sean Fulp, Scott Schumacher and Ryan Plummer represented Harbor Associates and Blue Vista Capital.
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A private investor has purchased a multi-tenant office building in Agoura Hills from an undisclosed seller for $4.72M. The property at 28348 Roadside Drive features 11 office units. Marcus & Millichap's Filip Niculete, Glen Scher, Lonnie McDermott and Brandon Michaels represented the seller.
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A private investor has purchased a 14,500 SF retail building in Indio from an undisclosed seller for $6.5M. The retail building at 44100 Jefferson St. is currently being occupied by a Walgreens. Marcus & Millichap's Rick Raymundo represented the buyer. Adtech Realty's Lap Leung represented the seller.
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A private investor has acquired a four-unit apartment property in Silver Lake from an undisclosed seller for $1.35M. Built in 1929, the 4,787 SF building is at 2025 Griffith Park Blvd. APLA Group/KW Commercial's Michael Pesci and James Antonucci represented the seller.
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Lion Real Estate Group has sold a 100-unit multifamily property in Reseda to an undisclosed buyer for $23.9M. Built in 1969, Lion Real Estate Group acquired the Park Terrace Apartments at 6425 Reseda Blvd. in 2015 for $15.5M. Marcus & Millichap’s Jeff Louks and Michael Sterman represented buyer and seller.
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MMK Capital has purchased a 47-unit apartment property in the Koreatown neighborhood of Los Angeles from Prana Investments for $6.95M. Built in 1926, the Normandie Arms Apartments consists of 47 single units at 147 South Normandie Ave. Lee & Associates' Cory Stehr and Cole Martens represented the buyer and seller.
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Goldrich Kest has acquired a 100-unit, rent-controlled apartment complex in Tarzana from an undisclosed seller for $23.95M. The Park Terrace Apartments is a two-story Spanish-style apartment building at 6425 Reseda Blvd. The brokers of the deal were not disclosed.
LEASES
Harbor Freight Tools USA has signed a 15-year lease with Majestic Asset Management to occupy a 229K SF industrial building at the Corporate Center Calabasas at 26565-26709 Agoura Road in Calabasas. Financial terms of the deal were not disclosed. CBRE's Tom Dwyer, Michael Slater, Caroline Bigelow and Andres Uribe represented the landlord. CRESA's Matthew Miller represented the tenant.
FINANCING
On behalf of an undisclosed borrower, George Smith Partners has arranged $128.1M in financing for Orsini II, a 566-unit multifamily property at 550 North Figueroa St. in downtown Los Angeles. George Smith's George M. Tenzer secured the funding. The new loan replaces a $115.2M floating rate loan George Smith Partners secured for the property in 2016, which had a remaining term of more than eight years and prepayment penalties in place, according to Tenzer. The new loan is a 10-year, fixed-rate, interest-only, nonrecourse loan at 4.24% with a 55% loan-to-value.
