$14M Lease Fills Former Levitz Building

[IMGCAP(1)]LOS ANGELES-Cinelease Inc., a film industry equipment rental firm, has signed a 10-year, $14 million lease that fills a 155,000-sf building that formerly was home to furniture retailer Levitz, which was liquidated in bankruptcy in 2007. The repositioning of one of the many retail stores that have become vacant in the economic downturn illustrates that “The current economy has opened up a number of opportunities for those who are willing to think creatively,” observes principal Craig Stevens of the Sherman Oaks office of Lee & Associates-LA North/Ventura Inc.

[IMGCAP(2)]Stevens and fellow principal Brett Warner of the Lee office arranged the lease for Cinelease, which is the largest independent lighting and grip rental company in the country. The new Cinelease space is at 5375 San Fernando Rd.

According to Stevens, the San Fernando Road building meets Cinelease’s requirements with respect to ceiling height, high bays and parking in an area that is centrally located to all of the entertainment companies. “Quality, well-located properties of this size are in very short supply in the Los Angeles area,” Warner adds. He says that the building owner is refurbishing the former retail building so that it will be well-suited to Cinelease’s needs.

Cinelease, founded in 1977 as a motion picture equipment rental company, added a theatrical division in 2001, and since then, the second division has been housed in Sun Valley. The new facility will allow Cinelease to bring the two divisions under one roof and provide the space and parking both now and for future growth, according to Joe Ball, executive vice president of marketing at Cinelease.

The new Cinelease building is owned by Glendale Industrial Park LP, which was represented by Greg Barsamian of Coldwell Banker Commercial.