Hackman Capital loves Hollywood.
The firm, one of the largest owners of studio real estate, has expanded its portfolio in Hollywood, picking up a 70 percent stake in Raleigh Studios for $140 million, according to L.A. County property records. The deal closed on Dec. 21 and values the 500,000-square-foot property at about $200 million, or $400 per square foot.
Raleigh Enterprises, an investment firm run by Mark Rosenthal and longtime owner of the studios, sold the interest in the property, located at 5300 Melrose Avenue.
Hackman scored a $90 million loan from Bank of the West in connection with the deal, records show. Terms of the loan were not disclosed.
A representative for Hackman did not respond to a request for comment.
It wasn’t the only stake Hackman picked up from Raleigh. The firm also bought a 30 percent interest in Saticoy Studios, a 49,500-square-foot studio in Van Nuys, for an undisclosed sum.
Hackman has operated both Raleigh Studios and Saticoy Studios through its affiliate studio operator MBS since January 2021, according to a release at the time.
Hackman is one of the biggest studio players across the U.S., owning everything from ViacomCBS’ Studio Center in Studio City to Silvercup Studios in New York. In L.A., Hackman is also planning to build a 1.8 million-square-foot development in Television City, consisting of soundstages, offices and ground-floor retail.
Built in 1915, Raleigh Studios in Hollywood has 13 soundstages across 310,000 square feet and about 186,000 square feet of office space. Tim Allen’s Christmas hit “The Santa Clause,” along with Steve Carell’s Netflix show “Space Force,” were both filmed at Raleigh Studios, among many other productions.