The studio where “Terminator 2” and “Nightmare on Elm Street” were filmed and television show “NCIS” is currently produced has sold for more than $19 million.
The two-building Valencia Studios at 26030 Avenue Hall and 28343 Avenue Crocker sold for $19.3 million to two limited liability entities, Valencia Holdings and Valencia Studio Group, formed by buyers Richard Reilly and Art Davis. The seller was Capital Foresight Limited Partnership and Valencia Studios NKG, according to an announcement by Reilly and Davis.
With a total of 121,000 square feet between the two buildings, the 6-acre property has a backlot with a town set, six sound stages ranging from 6,000 square feet to 20,000 square feet and more than 46,000 square feet of office space. Each of the stages has air conditioning, adjustable lighting grids, stage power and 24-foot minimum clear height ceilings.
CBS Corp. has occupied the space for 20 years and produced television shows there including “JAG,” “Power Rangers” and “The A-Team.” NCIS has been shot there for the past 10 years.
“There is a significant increase in production demand due to the influx of streaming content platforms,” said Andrew Kirsh, co-chair of L.A. law firm Sklar Kirsh, which advised the buyers on the deal. “With a lack of high-quality studio sites in Los Angeles County, our client(s) seized on an opportunity to purchase Valencia Studios which is home to one of the most successful television franchises in history.”