Courtesy of Georgia Entertainment News
Niantic Partners has purchased Eastside Stageworks from Raulet Property Partners. The selling price of $14.5 million was more than four times its 2016 purchase price and is evidence that the Georgia film industry’s expansion continues to be of interest to investors. Since 2016, Warner Bros. Entertainment has been the only tenant of the space, and they will continue to be so.
Tyler Edgarton, a partner with Raulet Property Partners, informed the press that the business has also put Westside Stageworks up for sale to the right bidder. The property is priced at $17 million. “This one would be interesting for a small studio or other content creator who would use the building,” says Edgarton.
“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.”
With a long history in the film industry, Raulet Property Partners have supported charities and nonprofits that contribute to Georgia’s position as the premier production site in America. The company is a partner in GA Prop Source and Scenario Custom Scenery and owns three other soundstages. Georgia Prop Source is a full-service prop company with more than 50,000 square feet of warehouse space that provides filmmakers with a huge selection of props and set decorations. A full-service scenery company, Scenario Custom produces scenery for theater, commercial architecture, film/television, and exposition services.