BLT Enterprises Diversifies Portfolio with Acquisition of Premier Hollywood Production Studio

Bernard Huberman

HOLLYWOOD, CA – A subsidiary of BLT Enterprises (BLT), a multi-faceted commercial real estate development and investment company, has acquired the Ben Kitay Stages.

The project includes four sound stages totaling approximately 34,000 square feet, with an in-demand market niche in the core of the Hollywood Media District according the Bernard Huberman, Founder and President of BLT Enterprises.

Sound Stage part of BLT's Ben Kitay Stages acquisition
 in Hollywood, CA

Located in the heart of Hollywood, the project features state-of-the-art amenities, including a permanent green screen and white cyclorama, fully equipped production offices, private dressing rooms, ample makeup and wardrobe rooms, full prep kitchens and private, drive-on capability and secure parking.

"The acquisition of these very successful sound stages is a natural evolution for BLT as we continue to expand and diversify our portfolio to encompass creative assets," says Huberman. "While smaller in scale, these full-service stages offer all the capabilities of larger production facilities and are in high demand."

Sound stage, part of Ben Kitay Stages inventory

With the continued popularity of streaming series, television production remains a major economic driver in California, contributing more than $6.88 billion to the state's economy in 2018, notes Huberman.

The sound stages have served as the location of several high-profile television shows and are frequently utilized by major entertainment and mass media companies. Additionally, they are regularly used to produce commercials and music videos.

Aaron Wilder

As part of the acquisition, BLT is establishing a new operating business, BLT Studios LLC. “Forming a new operating business was not in our original plan” says Huberman. 

“We originally looked at this acquisition as a pure real estate play; however, after rolling up our sleeves and learning about the exciting business of stage and equipment rentals, we quickly realized this was an opportunity we didn't want to pass up.”

BLT was represented in the acquisition by Aaron Wilder and Brad McCoy of Lee & Associates, West LA.

About BLT Enterprises

Brad McCoy

Headquartered in Santa Monica, California, BLT Enterprises was founded in 1984 and is a multi-faceted real estate development and investment company with an exceptional track record of success in industrial and commercial real estate. 

The firm has developed or acquired more than $2 billion in assets to date. 

            BLT Enterprises specializes in the acquisition, development, operation, and property management of industrial, office, retail, mixed-use and special-use properties.

CONTACTS:

Lisa James / Jenn Quader

Brower Group

(949) 438-6262

ljames@brower-group.com

HFF closes sale of One Sugar Creek Center in Sugar Land, TX

Kevin Glazer

HOUSTON, TX –– HFF announces that it has closed the sale of One Sugar Creek Center, also known as The Comerica Bank Building, a 193,988-square-foot Class A office building in Sugar Land, Texas.

HFF represented the seller, Equus Capital Partners, LTD, and procured the buyer, Kevin Glazer, founder and CEO of Glazer Properties, who inspected and closed the acquisition in only 37 days.

The 11-story office building is strategically positioned at One Sugar Creek Boulevard at the signalized hard corner of U.S. 69 and Dairy Ashford Road about 19 miles southwest of downtown Houston.  

One Sugar Creek Boulevard at the corner of U.S. 69 and Dairy Ashford Road, about 19 miles southwest of downtown Houston,TX

The high-visibility site is less than one mile from Interstate 69 and U.S. 90 and proximate to several additional transportation arteries in the Houston MSA, including Beltway 8, Westpark Tollway and Grand Parkway.  

One Sugar Creek Center is close to many of Sugar Land’s residential communities that are consistently on the list of national “Best Places to Live” surveys and include First Colony, Greatwood, New Territory, River Park and Imperial. 

H. Dan Miller

 Recently renovated in 2017, the institutionally owned property is 90% leased to tenants, including Comerica Bank, Wholesome Sweetners, Amerex Natural Gas and Alamo Environmental.  

The HFF investment advisory team representing the seller was led by senior managing director H. Dan Miller, senior director Martin Hogan and real estate analyst Johnny Kight.

Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.

About Kevin Glazer

Kevin Glazer is the founder and CEO of Glazer Properties and has been a prominent fixture in the commercial real estate industry for over 30 years. 

Kevin Glazer is also a co-owner of the Tampa Bay Buccaneers and a principal investor in the Manchester United Soccer Club. 

Martin Hogan

Kevin Glazer acquires, owns, and manages Class A office and retail properties throughout the United States. Without any financing contingencies, or convoluted approval processes Kevin Glazer’s acquisitions are always closed expeditiously. 

For additional information, please visit www.glazer.com.

About Equus Capital Partners, Ltd.

Equus Capital Partners is one of the nation’s leading private equity real estate fund managers.  Equus’ diversified portfolio consists of office, multi-family, industrial, and retail properties located throughout the United States.

 The firm is headquartered in the Philadelphia area with regional offices in Chicago, Los Angeles, Washington D.C., Atlanta, and Raleigh-Durham. 

Johnny Kight

For additional information, please visit the company’s website at equuspartners.com.

CONTACTS:

H. DAN MILLER, CCIM, SIOR

TX Lic. #0289851

HFF Senior Managing Director

(713) 852-3500

dmiller@hfflp.com   
      

KRISTEN MURPHY

HFF Director, Public Relations

(617) 848-1572

krmurphy@hfflp.com

Public-Private Partners Celebrate Grand Opening of Legacy Lofts in Downtown Milwaukee, WI

Sally Peltz

MILWAUKEE, WI — Evergreen Real Estate Group and Legacy Midwest Renewal Corp. (LMRC) recently joined public-private partners to celebrate the grand opening of Legacy Lofts, a 64-unit mixed-income rental community in Milwaukee’s Lindsay Heights neighborhood.

Located at 1500 W. North Ave., the community is partially housed in the former Blommer Ice Cream Factory, a three-story concrete and terra cotta structure that was built in 1928 and sat vacant for nearly two decades prior to its redevelopment.

Falamak Nourzad

The original building was preserved in accordance with National Park Service guidelines and converted into 38 apartments with one to four bedrooms and ranging in size from approximately 500 to 1,600 square feet. 

A three-story addition to the factory houses another 26 apartments with one- to three-bedroom plans, including seven townhome units with private entrances along 16th Street, that range from approximately 1,200 to 1,400 square feet. 

Fifty-four of the 64 units are affordable to households earning less than 60% of the area median income, while the remainder are market-rate units.

A former warehouse in Milwaukee was transformed into a mixed-income development called Legacy Lofts, which features loft-style units with modern appliances. One bedroom above.

“The opening of Legacy Lofts is the culmination of a team effort that returned a historic yet long-vacant property to Milwaukee’s Lindsay Heights neighborhood while simultaneously creating jobs and much-needed housing that will serve families across the income spectrum,” said David Block, director of development for Chicago-based Evergreen Real Estate Group, which will also manage the property. 

“The real ‘legacy’ of this development is how it will continue to contribute to the ongoing revitalization taking place along North Avenue.”

David Block

The restored historic factory building includes high ceilings – more than 17 feet in some first-floor units – polished cement floors, large and historically appropriate windows, and a former loading dock that has been converted into an outdoor patio. 

All units feature Energy Star appliances and a contemporary design that includes exposed ductwork for heating and air-conditioning systems.

The $13.9 million project was made possible by the partnership and collaboration of Evergreen, LMRC (the real estate investment affiliate of Legacy Redevelopment Corp.), Continuum Architects + Planners, Greenfire Management Services LLC, MacRostie Historic Advisors]

Also:  HN Development, Walnut Way Development Corp., Haywood Group, the Wisconsin Housing and Economic Development Authority (WHEDA), Alderman Russell W. Stamper II, the city of Milwaukee, and the Wisconsin Historical Society. 

U.S. Bank, Associated Bank, the city of Milwaukee, WHEDA and IFF provided additional financial support. 

Legacy Lofts Exterior: The project included the redevelopment of the former Blommer Ice Cream Factory, as well as the construction of a three-story addition.

In addition to the residences, the project included 1,565 square feet of street-level commercial space that houses the new offices of LMRC.

“The factory that was built in 1928 has come back to life,” said Sally Peltz, founder and president of LMRC. “My business theory is if you work really hard and are determined to make it happen, it will happen. Legacy Lofts evolved from that ethos – a spirit and belief that dreams do come true.”

“Legacy Redevelopment Corp. has been committed to this community for over 15 years and is extremely pleased to have completed this project,” said José A. Mantilla, president of Legacy Redevelopment Corp. “We look forward to continuing to invest within the community.”

“Legacy Lofts has brought new life and purpose to a proud historic building that stood as a cornerstone to its community, and the 15th & North neighborhood,” said Falamak Nourzad, principal and co-founder of Continuum Architects + Planners. 

Kip Ritchie

“This unique project encompasses our firm’s strong commitment and passion to work with the city of Milwaukee and its visionary investors to revitalize neighborhoods with cost-effective, affordable housing.”

Evergreen and LMRC partnered to secure the complex financing for the project, utilizing a combination of federal low-income housing tax credits, state and federal historic tax credits, tax-increment financing, HOME Fund financing and private mortgage debt.

Greenfire Management Services LLC ensured minority contractor hiring programs were in place to create opportunities for Milwaukee firms. By working closely with neighborhood partners, the project team exceeded program targets for local hiring and contracting with Emerging Business Enterprises.

“Providing preconstruction and construction management services for Legacy Lofts was an exceptional opportunity for our team,” said Kip Ritchie, president of Greenfire Management Services. 

“We are grateful to Evergreen Real Estate Group and Legacy Redevelopment Corporation for partnering with us, and we are proud of the work we did to help deliver this quality mixed-use apartment development to the Lindsay Heights community.”

For more information or to schedule an interview, contact Rebecca Boykin, rboykin@taylorjohnson.com or (312) 267-4523.

CONTACTS: 

Rebecca Boykin, rboykin@taylorjohnson.com, (312) 267-452  

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528 

www.evergreenreg.com.

The Habitat Co. Acquires Three Midwest Rental Properties; Grows Portfolio by 1,263 Units

Matt Fiascone

 CHICAGO, IL – Chicago-based The Habitat Company, a leading U.S. multifamily property developer and manager, announced it has acquired three new rental properties.

They are:

---The Village of Hyde Park, a development of 43 townhomes in Detroit;

---Harbour Club, a 1,112-unit market-rate property in Bellville, Mich.;
----Cedarvale Highlands, a 108-unit market-rate community in Eagan, Minn.

Habitat’s total acquisition value was approximately $100 million for all three properties. Funding is in place for significant upgrades and renovations at each property.

Located at 2154 Hyde Park Road, Detroit, MI,  The Village of Hyde Park offers market-rate townhomes and is the first rental townhome property in The Habitat Company’s portfolio.

“These acquisitions align perfectly with our forward-looking goals for the company, which include remaining dedicated to identifying and acquiring value-add properties that have long-term potential,” said Matt Fiascone, president, The Habitat Company.

“All three of these properties not only meet that requirement and expand our ownership to new markets like Minneapolis, but also support our ongoing commitment to growing the number of communities we serve.”

Harbour Club

Habitat added Harbour Club to the company’s growing presence in the southeast Michigan market when it closed on the acquisition last month. With this acquisition, Habitat’s portfolio of residential units under management in Michigan tops 2,500.

This 1,112-unit market-rate property is located just outside of Ann Arbor, Mich. and is approximately 15 minutes from the Detroit International Airport and features studio, one-bedroom/one-bath and two-bedroom/two-bath units.

Habitat has an extensive renovation plan for Harbour Club, which includes a multi-tiered unit renovation program, clubhouse expansion, common area renovations, and a new name and brand identity along with external enhancements to highlight the property’s magnificent setting on Lake Belleville and its own 9-hole golf course, which is open to both residents and the general public.  

Harbour Club is a 1,112-unit market-rate property located at 49000 Denton Road, Belleville, MI and was acquired by The Habitat Company last month.

Community amenities include a swimming pool, boat docks and boat launch, spa, fitness center, business center, and a clubhouse with a demonstration kitchen and fireplace.

Additionally, the landscaped outdoor amenity space includes a family-friendly courtyard and three playground areas, tennis court and sand volleyball court.

The Village of Hyde Park

The Village of Hyde Park is situated immediately outside of Detroit’s vibrant downtown and offers 43 two-bedroom, 1½-bath market-rate townhomes.

The rental townhomes feature 16-foot ceilings, private patios with views of either the park or city, in-unit washer and dryer and extra storage.

A full renovation program will take place over the next few years, updating unit interiors with granite counters, stainless steel appliances, wood plank flooring, and new lighting and plumbing fixtures. 

The Village of Hyde Park is a gated community surrounded by lush grounds and is a short drive from downtown Detroit with easy access to the freeway.

 Habitat acquired the property in February 2019, which is within walking distance from another Habitat property, Pavilion Apartments.

  

Marking The Habitat Company’s first acquisition in Minnesota, Cedarvale Highlands is a market-rate rental community located at 3908, 3916, and 3924 Cedar Grove Parkway in Eagan, MN, featuring extensive outdoor amenities, including a pool.

Cedarvale Highlands

The Cedarvale Highlands acquisition meets Habitat’s strategic growth plans in the Minneapolis market. Located on Cedar Grove Parkway in Eagan, Minn., Cedarvale is located steps away from the popular Twin Cities Premium Outlets and provides immediate access to highways and a significant employer base.

This market-rate community offers 108 studio and one-bedroom rental units.

Habitat will continue with a unit renovation strategy that includes new kitchens and baths along with enhancements to the common areas and shared spaces (both indoor and out).

Robin Plous

Other property amenities include an outdoor gated pool, grilling area, detached garages, on-site bus stop, laundry rooms and storage lockers. Habitat closed on this acquisition in March 2019.

Habitat is also handling leasing and property management for all three communities. For more information, please visit www.habitat.com.

                                                                                                      

For more information or to schedule an interview,  please contact Robin Plous at (312) 267-4512 or rplous@taylorjohnson.com

CONTACTS:

Robin Plous, rplous@taylorjohnson.com, (312) 267-4512

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

www.habitat.com.