CBRE announced a full-service provider to the entertainment industry leased an industrial building in Valencia for $7.7 million.
Matt Dierckman, David Harding, Greg Geraci and Billy Walk represented the tenant, Vince Gervasi, owner of Triscenic Production Services, Inc., and their newly formed entity Triscenic Studios, a full-service company providing new stages, transportation, storage and labor to the entertainment industry, in the transaction. The landlord, LIPT ASP Valencia, Inc., was represented by Brad Koehler of JLL.
Located at 25045 Avenue Tibbitts, the 142,392-square foot building features 28’-30’ minimum clearance, 26 truck high position doors and two ground level loading doors. The space fulfills the tenant’s needs of spacious storage area and high-quality sound stages.
“This property is the perfect fit for a company such as this that serves a thriving entertainment industry,” said Dierckman. “It sits in an entertainment-friendly city and offers a plethora of local amenities and excellent ceiling clearance, power, parking and office space.”
Triscenic Studios is a new entity comprised of entertainment company Triscenic Production Services, owned by Vince Gervasi, and real estate investor and operator John Prabhu (formerly of Kennedy Wilson), along with one other entertainment service veteran. The group formed the company and selected this property to provide entertainment storage space and high-quality sound stages in a market with high demand and limited supply.
The Valencia industrial market continues to see strong demand, especially from entertainment- related tenants. The property is within the 30 Mile Zone (TMZ) and is centrally located within the City of Santa Clarita for easy access to amenities and many other studio support businesses.
Year-over-year, industrial lease rates in Greater Los Angeles increased by 5.1% due to limited availability, according to CBRE’s Q3 report. The alternative use of industrial facilities such as studios or entertainment-related users increased rents and sales values in certain pockets. CBRE EA projects that available space will flatten somewhat over the next two years, only increasing by 30 bps, mainly due to new product deliveries.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Melody Ranch is once again suing Placerita Canyon Corp., a mutual-benefit corporation that owns and operates an electronic gate in Placerita Canyon to prevent thru traffic from entering the Newhall enclave.
The Los Angeles County Department of Public Health on Friday confirmed 20 new deaths and 1,296 new positive cases of COVID-19 in the past 24 hours, with 39 new cases reported in the Santa Clarita Valley.
Governor Gavin Newsom visited Valencia Friday to announce the opening of an innovative new laboratory built by PerkinElmer that will increase California’s COVID-19 testing capacity, reduce test turnaround time and create hundreds of new California jobs.
A Santa Clarita man and his Northridge-based business partner were arrested on federal charges Thursday in a relief fraud case alleging the two fraudulently obtained more than $1.95 million in Paycheck Protection Program loans.
The Los Angeles County Department of Public Health confirmed Thursday 19 new deaths, including the 74th death in the Santa Clarita Valley and 1,745 new cases of COVID-19, including 7,267 total cases in the Santa Clarita Valley.
The city of Santa Clarita will be holding a public hearing at the Tuesday, Nov. 10, City Council meeting to consider the transfer of 32,230 square feet of vacant land, at no cost, to Family Promise of Santa Clarita Valley (FPofSCV).
The California State University Board of Trustees has appointed Erika D. Beck, Ph.D., to serve as president of California State University, Northridge. Beck currently serves as president of California State University Channel Islands.
SACRAMENTO – Californians age 70 and older with a noncommercial driver’s license are now eligible to renew online or by mail, eliminating the need to visit a California Department of Motor Vehicles office.