La Production Studios Non-Endorsement and Disclaimer Notice
Total Page:16
File Type:pdf, Size:1020Kb
Offering Memorandum 1015–1025 East 16th Street Los Angeles, CA 90021 LA PRODUCTION STUDIOS NON-ENDORSEMENT AND DISCLAIMER NOTICE Non-Endorsements Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT EINAR RODEN (213) 628-4500 TO SCHEDULE A TIME. Disclaimer THIS IS AN OFFERING MEMORANDUM COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. LA PRODUCTION STUDIOS Los Angeles, CA ACT ID Y0140645 CONTENTS 1 Investment Overview 2 Market Comparables 3 Market Overview 1 INVESTMENT OVERVIEW Executive Summary PROPERTY OVERVIEW Marcus & Millichap is pleased to present this exceptional 12,384 square foot • State-of-the-Art Film/Music/Dance Studio Film Production / Dance Studio property featuring one of the largest special- Located in the Heart of Downtown Los ized dance floors available in Los Angeles. This charming brick building is fully Angeles: Walking Distance to the Arts District renovated with state-of-the-art lighting, audio equipment, modern offices, new kitchen and bathrooms. Additionally, there is a changing area with lockers and • Approximately 12,384-Square Foot Building shower facilities. This is an ideal studio for dance, music, and film production. Renovated in 2010 • This asset is located in the heart of Downtown Los Angeles and is walking dis- Secure on-site parking for up to 6 cars. tance from the famous Arts District. A large enclosed patio provides comfortable • Corner Lot of Approximately 14,022 Square outside lounging and high ceilings and roll-up doors make loading convenient. Feet – Excellent Visibility – M2 Zoning There is easy access to the 5, 10, 101, and 110 Freeways. This property is a LA PRODUCTION STUDIOS corner lot of approximately 14,022 square feet with excellent visibility and high • Two Large Dance Floors (4,900 Square Feet traffic counts. There is an ample amount of street parking that is available.LOCAL MAP and 2,800 Square Feet) • Brick Building Built in 1932 with Bow Truss Ceilings and Two Roll-Up Doors • Lighting Grids Across the Ceiling and Ultra-High Qual-ity Sound System • Power Supply: 800a, 120-240v, 3p 4w • Fully Renovated Offices, Conference Room, Kitchen, Bathrooms, Separate Locker Rooms and Shower Areas • Easy Access to the 5, 10, 101, and 110 Freeways • Current Owner Invested Over $1 Million in Capital Improvements 6 \\ LA Production Studios 7 Investment Overview // 7 8 \\ LA Production Studios State-of-the-Art Dance/ Film Studio LA Production Studio offers many advantages including: exposed brick walls, beau-tiful bow truss ceilings, a superior sound system, grid lighting across the ceilings, heavy power supply with 800 amps/240-480 volts, two large dance floors (4,900 square feet and 2,800 square feet), built-in offices and conference room, full kitchen, locker/change rooms, male and female bathrooms and showers, fenced patio that can also be used to park vehicles and more. The property has high visibility from its corner location and the roof can be easily seen from the 10 Freeway. This unique studio was originally designed to film a pilot TV Show that featured dancers performing in front of judges, and later was a site where Michael Jackson was scheduled to rehearse for his “This Is It” tour. The studio has one of the largest permanent dance stages in Los Angeles and it features an open and versatile floorplan that can be easily modified to accommodate alternative uses such as offices and creative loft space or even manufacturing. There is convenient access the I-10, I-110 and I-5 freeways, and two large grade level roll-up doors for loading. Investment Overview // 9 Excellent Downtown LA Location Downtown Los Angeles is currently undergoing a renaissance period and is experiencing its largest construction boom in modern times. This explosive growth is fueled by a combination of several factors including: foreign invest-ment, relatively abundant lending sources, pent up demand for new properties following a time of low construction activity, historically low interest rates, and an improving economy. Despite all the cranes poking up into the skyline, Los Ange-les County remains significantly under-supplied for housing and industrial space is in short supply as developers have taken old warehouses and converted them to alternative uses such parking garages, retail properties, or residential housing. Numerous new projects are coming on-line near LA Production Studio. “The Reef” is just south of the 10 Freeway in downtown and is scheduled to be built as two high-rise towers with over 1,000 apartments or condo units, an outdoor plaza, public gardens, farmers’ market, grocery store, pharmacy, restaurants, and more. This single project will add over 1 million square feet of commercial space on 9.7 acres of land. City Market is another enormous development that is within proximity of LA Production Studio. This mega-project will extend from Ninth to Twelfth streets between San Pedro and San Julian Streets. There are plans for 945 new res-idential units (some of which will be inside a new 38 story tower), a 210-room Business Class Hotel, more than 200,000 square feet of ground floor retail space, creative office space, and a campus for a creative arts college including greenways. 10 \\ LA Production Studios The Reef Rending City Market Rendering The Film Industry in Los Angeles In early 1910, director D.W. Griffith was sent by the American Mutoscope and Biograph Company to the West Coast with his acting troop consisting of actors Blanche Sweet, Lillian Gish, Mary Pickford, and Lionel Barrymore, among others. They started filming on a vacant lot near Georgia Street in downtown Los Angeles. The company decided while there to explore new territories, traveling several miles north to a little village that was friendly and enjoyed the movie company filming there. This place was called "Hollywood." Griffith then filmed the first movie ever shot in Hollywood, In Old California (1910), a melodrama about California in the 1800s, while it was still part of Mexico. (Source: http://www.newworldencyclopedia.org/ entry/Film_industry_(United_States)) The first motion picture studio was built in 1919, in Edendale, just east of Hollywood, by Selig Polyscope Company, and the first one built in Hollywood was founded by filmmaker David Horsley's general manager Al Christie in 1911, in an old building on the southeast corner of Sunset Boulevard and Gower Street. From these humble beginnings California’s motion picture industry grew faster and larger than anyone could have imagined. Today California is the worldwide leader in production (thanks in large part to tele- vision) with over $30 Billion of annual production spending. LA County alone has an employment base of approximately 160,000 entertainment industry workers and approximately 13,000 employers. The entertainment industry ranks third largest in LA County. California has added many new digital media and similar jobs. Several local colleges and universities support the film, broadcast, animation, and music industries with strong academic programs, most notable are: Cal Arts, American Film Institute, Loyola Marymount, USC, and UCLA. Investment Overview // 13 LA PRODUCTION STUDIOS REGIONAL MAP Regional Map 6 14 \\ LA Production Studios LA PRODUCTION STUDIOS LOCAL MAP Local Map 7 Investment Overview // 15 Floor Plan 16 \\ LA Production Studios Ceiling & Lighting Plan Investment Overview // 17 Nearby Projects 1 Metropolis 15 1600 Figueroa 2 Olympia 16 888 South Hope 3 Apex II 17 Cambria Hotel 4 Shenzhen Hazens Tower 18 820 Olive 5 Olympic Tower 19 1300 Figueroa 6 Oceanwide Plaza 20 Mack Urban Tower 7 1233 Grand 21 1400 Figueroa 8 1133 Hope 22 1364 Hill Street 9 913 Figueroa 23 Hope Street Hotel Project 10 1212 Flower 24 1344 Flower Street 11 Circa 25 1400 Flower Street 12 1323 Grand 26 Morrison Hotel 13 Los Angeles Convention Center 27 Emerald 14 Fig+Pico 18 \\ LA Production Studios LA PRODUCTION STUDIOS LA PRODUCTION STUDIOS 8 SALES COMPARABLES MAP LA PRODUCTION STUDIOS (SUBJECT) 1 1375 E 15th Street 2 771 East 9th Street Investment Overview // 19 3 The Fortress 4 937 E 10th St 5 960-962 E 12th St 6 1920 E Olympic Blvd 7 1128 S Flower St 8 Bookbinders Company 9 235 W 31st St 10 1531 Paloma St 11 1365-1367 E 16th St 12 1801 S Olive St 13 12th Street Plaza 14 1800 S Grand Ave 15 1201 S Santa Fe Ave 16 1354 E 15th St SALES COMPARABLES ON MARKET COMPARABLES 11 2 MARKET COMPARABLES LA PRODUCTION STUDIOS 8 SALES COMPARABLES MAP LA PRODUCTION STUDIOS LA PRODUCTION STUDIOS LA PRODUCTION(SUBJECT) STUDIOS Market Comparables Map 8 SALES COMPARABLES