April 13, 2010 – BLT Enterprises, a multi-faceted commercial real estate development and investment company, has acquired two properties in Hollywood, California for a total consideration of $20 million.
The properties include a creative office project at 5735 Melrose Avenue, and an 18,000 square-foot production and entertainment office compound at 6151 Santa Monica Boulevard.
The Melrose acquisition occurred on March 6th, and the closing of the Santa Monica property occurred on April 10th, despite the current health and economic crisis.
“BLT never wavered from its commitment to close” remarked Stephanie Lakatosh, one of the principals of the seller. “In fact, BLT closed more than a month early at our request, without any adjustments to the purchase price.”
“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 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 has experience with a variety of out-of-the-box acquisitions and conversions in the Greater L.A. market. The firm recently acquired a four-stage studio lot in the core of the Hollywood Media District. The 34,000 square-foot studio lot has been rebranded as BLT Studios and continues to serve production clients throughout the area.
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 represented the seller of the Melrose property.