By Ariela Moraru
Lee & Associates arranged the sale of a film production facility in the Van Nuys submarket of the San Fernando Valley of Los Angeles. Mike Tingus, Randy Kobata and Daniel Davis of the firm’s LA North/Ventura industrial team represented the buyer and seller in the transaction. Private investor Esh Holder, who owns other properties nearby, acquired the asset for around $8.8 million. The studio has operated as sound stages and production facilities for the past 30 years for shows such as Beverly Hills 90210 and Melrose Place.
“The industrial vacancy rate in the Van Nuys submarket is below 1 percent, so you can see how any property here would attract tremendous interest,” said Davis, in a prepared statement. “Our buyer liked the studio aspect and plans to continue to operate the facility for film production.”
Located at 14955 and 15001 Calvert St., just off Interstate 405 and Route 101, the 44,400-square-foot property consists of two free-standing buildings of 22,200 square feet each on two separate parcels. Other past tenants of the asset built in 1973 included CBS, ABC and HBO. The property is near Lake Balboa/Anthony C. Beilenson Park.
“The fact that this property is a functioning production studio able to command significantly higher rents than traditional industrial buildings just added to the interest we received,” said Kobata, in prepared remarks.
Image courtesy of Lee & Associates