Centinela Studios In Santa Monica Purchased By Watt Investment Partners
Posted Jun. 12, 2012, 3:51 am
Centinela Studios in Santa Monica has been purchased by Watt Investment Partners, the commercial acquisition arm of Santa Monica-based Watt Companies.
The 60,000 square-foot production facility at 3401 Exposition Boulevard includes a warehouse that has been used as a sound stage for television and motion picture productions including “7th Heaven,” “Buffy the Vampire Slayer,” and “The Doors.”
Watt Investment Partners has engaged Industry Partners to lease the space and plans to begin immediately on a series of property improvements.
Located on 1.65 acres, the property was initially built in 1961 as the headquarters and manufacturing facility for the American Shower Door Company, which owned and operated the building for more than 20 years.
Dean Pentikis, Managing Partner at Watt Investment Partners, said the acquisition of Centinela Studios “perfectly exemplifies our investment mandate.”
“We are continuing the Watt tradition of investing in the Westside and bringing this creative space up to the standards of today’s entertainment users,” Pentikis said. “We see real growth on the horizon for creative tenants in the local market and we are excited to add Centinela Studios to our expanding portfolio.”
Watt Investment Partners will begin a series of upgrades to the core and shell of the existing structure, including all new exterior windows, Epi wood siding and new skylights to bring in more natural light. The team will also install new power and HVAC systems and create new outdoor space for future tenants.
Industry Partners Principal Andrew Jennison, who will oversee the leasing for the new Watt project, said there are no 30,000-60,000 square-foot stand-alone creative buildings available in Santa Monica today.
“Watt is committed to making a significant capital investment into this project on a speculative basis so that the building appeals to a wide variety of creative tenants,” Jennison said.
According to Industry Partners’ Westside Creative Office Market Report, creative users with requirements greater than 25,000 square feet have a hard time finding it in Santa Monica, which enjoys a vacancy rate of less than five percent for this product type.
For more information about Watt Investment Partners, visit www.watt-ip.com.