The sound stage lot at Blackhall Studios in Atlanta, Georgia.
Certainly one of Atlanta’s largest filming hubs has been offered.
Founder Ryan Millsap introduced Wednesday the sale of Blackhall Studios to Commonwealth Group, a Los Angeles-based non-public fairness agency, for $120 million.
Blackhall, which is within the strategy of increasing its footprint in Georgia, additionally has studio tasks in London and Los Angeles.
Millsap mentioned it was time for him to exit the Atlanta enterprise and hand it off to a personal fairness agency that would “take a run on the subsequent leg of the race.”
“I am an entrepreneurial opportunistic actual property developer,” Millsap mentioned in a press release. “I’ve made my profession seeing issues early and executing early and exiting when the bigger funds are prepared for giant development alternatives.”
Blackhall Studios opened in 2017 and is without doubt one of the largest studio complexes in Georgia. The campus spans 165 acres and has 850,000 sq. ft of inside area throughout 9 sound levels. Blackhall has been the house of prime productions like “Jumanji,” “Godzilla,” “Physician Sleep” and “Venom.” It has labored with practically all of Hollywood’s massive studios.
Millsap got here to Georgia in the course of the financial downturn. A graduate of Biola College and the College of Southern California, he turned a licensed actual property dealer and bought round 8,000 flats in southeast Atlanta in 2014.
Because the economic system circled, he offered off these flats and started changing previous workplace buildings into artistic workplace areas and retail area. After establishing himself in the neighborhood, he was approached a few distinctive actual property alternative — constructing a film studio.
The deal permits Millsap to retain the rights to the Blackhall title to be used on companies.