|
4/14/20
|
BLT Enterprises has acquired two properties in Hollywood for a total price of $20 mil. The acquisitions include a creative office project at 5735 Melrose Ave, and an 18k sf production and entertainment office compound at 6151 Santa Monica Blvd.
“These acquisitions are directly in line with our ongoing strategy of acquiring well-located properties that deliver value over a long hold period,” says Bernard Huberman, Founder and President of BLT Enterprises. “Despite the current COVID-19 crisis, we are a firm believer in the resiliency of the California economy, and the long term value in the Hollywood submarket.”
BLT plans to transform the Santa Monica Blvd property into a modern creative industrial compound catering to production companies, digital advertising agencies and other companies at the convergence of tech and media, according to Huberman. “The building has incredible bones, and ample parking in excess of most other buildings in the market.”
The Melrose property, which is within walking distance of Paramount Studios and Larchmont Village, was already renovated to fit the needs of various users in the marketplace. “The prior owner did an incredible renovating this property,” remarked Huberman. “We may convert the existing screening room into a recording studio, given the lack of quality recording space integrated into Class A creative office projects. Other than that, it’s ready to go.”
BLT was represented in both transactions by Brad McCoy and David Wilson of Lee & Associates. The seller of the Santa Monica property was represented by Adam Hall of TOLD Partners Inc. Paul Brehme and Brad McCoy of Lee & Associates repped the seller of the Melrose property.
|
|
Return to the Archive page
|
|
|
|
|