Raulet Property Partners has sold an Eastside Stageworks to Niantic Partners. As reported first by CoStar the selling price was $14.5 million – more than four times its 2016 purchase price and a sign that growth in the Georgia film industry continues to attract investor interest. Warner Bros. Entertainment has been leasing the space since 2016 and will remain the sole tenant.
Tyler Edgarton, partner with Raulet Property Partners, told us this morning that the company has also listed Westside Stageworks for sale for the right buyer. “This one would be interesting for a small studio or other content creator who would use the building.” The property is listed for $17 million.
“Commercial real estate values have benefited greatly from the expansion of the entertainment industry in the Atlanta market over the past 5 years,” said Andrei Leon, of Artisan Haus – a boutique commercial and residential real estate firm that works in the film, music and arts space. “We expect more transactions as Georgia companies look to expand combined with companies from California and other entertainment hubs looking to acquire real estate in the state.”
Raulet Property Partners has a long history in the film industry supporting organizations and nonprofits that have helped Georgia’s status as the number one film location in America. The group owns three other soundstages and is partners in GA Prop Source and Scenario Custom Scenery.
GA Prop Source is a full service prop house with over 50,000 square feet of warehouse space offering a wide variety of props and set dressings for filmmakers. Scenario Custom is a full fabrication scenery studio doing work for film/television, exposition services, commercial architecture, and theater.
We will have more as this story develops.
