Colliers International has reported that a North Hollywood-based company that provides cars, trucks and other vehicles to the motion picture and television industries, has executed a pair of lease transactions in two different states -- California and Louisiana -- valued together at more than $7 million.
In the larger transaction, Cinema Vehicles, which provides cars, trucks and other motorized vehicles for use in motion picture and television shows, and also leases vehicles to support all phases of production, extended its current lease for 82,000 square feet of industrial space for 10 years in a transaction valued at $6.9 million. It will remain located at 12580 Saticoy St. in North Hollywood. In the second transaction, the firm leased a 45,000-square-foot former Federal Express Freight facility in New Orleans. That $600,000 lease transaction includes an option to purchase the property during the term of its five-year lease agreement.
“With tax incentives and other attractive financial packages designed to lower production costs now being offered by many states and cities outside of California, it is not surprising to see an established firm like this expand into the south,” said Colliers International Vice President Gian Starita, who, along with Senior Vice President Brent Weirick and Associate Ryan Parker, represented Cinema Vehicles in both transactions.
“In fact, this transaction was a direct result of a recent consortium we sponsored here to introduce production support companies to economic development officials from other states.” Colliers recently began a program of introducing both out-of-state and in-state companies that support the entertainment industry to industrial sites in multiple states due to the rising demand for location filming,” Starita added.
“Working with Colliers brokers across the country, we are able to show properties to local production-support companies in places where they work, as well as keep, equipment and related materials necessary for filming, editing, warehousing and other uses,” Starita said. “We are also working with economic development organizations from out of state that can assist our clients in understanding the incentives available to them so they can evaluate their options.”