Algiers Film Studio Seeking Joint Venture Equity Investment

new orleans – Marcus & MilichupCalifornia-based commercial real estate brokerage firm has announced an exclusive representation agreement with Deep South Studios LLC to secure joint venture capital related to the development of Deep South Studios Phase I. , a full-service film and television production facility located in New Orleans.

Sponsors are represented by Eric Michael Anton and Henri M. Kessler of Marcus & Milichup Global Capital.

“In 2022, $220.2 billion will be spent globally to produce and acquire new feature films and TV shows across the industry,” Kessler said in a press release. “Louisiana is his fourth-largest entertainment market in the United States. Completed and managed by a team of qualified professionals.”

Deep South Studios is led by CEO Scott Niemeyer. He said the facility’s major utilities are in place, three buildings are operating and generating revenue, and the site is fully entitled and ready for construction.

Plans call for six sound stages ranging from 16,500 to 30,000 square feet, two production offices, and associated vendor buildings totaling 99,000 square feet. There is a construction factory for building sets, grip and lighting buildings, and up to 1,000 parking spaces.

“Deep South Studios Phase I is projected to generate $10.4 million in net operating income, which equates to approximately $173 million at a 6% cap rate and a 20% internal rate of return.” says Anton. “The construction cost of $119.2 million equates to a cost return of 8.72%.”

This property is located on 20 acres in the Algiers neighborhood on the west bank of the Mississippi River.

said Brian Hosey, First Vice President and Divisional Manager, Global Capital Division, Marcus & Milichup. “As the only full-service solution for media production in Louisiana, Deep South Studios offers economies of scale and scope, leveraging the growing production ecosystem facilitated by the Louisiana Film Tax Incentives Act of 2002. This law provides a 25% tax credit for the following productions: eligible in-state spending and up to 40% on in-state labor costs.”

Chris Shaheen is the record broker for Marcus & Millichup in Louisiana.

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