L.A.-based entertainment service company Quixote Studios has bought a Pacoima building that it plans to eventually use for equipment rentals.
Epicenter Landcorp, the real estate arm of Quixote, a national provider of sound stages, equipment and vehicles for film and television, bought a 21,000-square-foot warehouse at 10244 Norris Ave. for $2.6 million from Sardon, the company said. The structure is next to Quixote’s grip and lighting warehouse.
Built in the late 1980s, the two-story structure last sold in 2006 for $3.3 million, according to real estate database provider CoStar Group Inc.
Quixote President Jordan Kitaen said once the current tenant’s lease expires, the company will likely use the building to expand its equipment rental operations. He said in addition to Quixote, several major suppliers to the entertainment production industry have moved to the city, including Line 204 and Mole-Richardson Co.
“It's a great location -- close enough to traditional production strongholds like Hollywood and Burbank, but still relatively affordable for operations with large land requirements,” Kitaen said. “Quixote will maintain a presence in Hollywood, but the real growth opportunities from a real estate perspective are in tertiary areas like the Northeast Valley and beyond.”
Those areas are within the 35-mile production zone that are permitted to receive state tax credits, he added.