From Gremlins to Men in Black, you’ve seen Rick Baker’s work on the silver screen, and soon you will be able to store your precious belongings in his former studio in Glendale, CA.
The seven-time Academy Award winning makeup artist sold his studio in December of 2014 to Morelli Brothers Enterprises for $7.4 million, property records show.
Broker Steven Grossman, of NAI Capital in Irvine told the SpareFoot Storage Beat that Morelli Brothers is in the process of converting the warehouse building into a 70,000-square-foot self-storage facility with more than 700 units.
“The finished facility will be sold to a partnership between Extra Space Storage, who will manage the facility, and a northern California investment group,” Grossman said.
Completion of the facility is expected during the first quarter of 2016.
Grossman brokered the purchase of the property and the certificate of occupancy deal on behalf of Morelli Brothers.
The new facility will be located at 6527 San Fernando Road in Glendale, a mile-and-half down the same street as Public Storage’s brand new 174,266-square-foot facility that opened in May 2015.
“The demographics in the area are great and it is near a lot of the entertainment industry,” Grossman said. “In the Greater Los Angeles area, but certainly here because there are a lot of small businesses, storage is a really desirable commodity,” Grossman said.
Grossman arranged a similar deal in 2008 when Morelli Brothers sold a developed self-storage facility in Los Angeles to Extra Space for $7.5 million. More recently, Grossman represented Beverly Hills-based M4 Management in their sale of a newly constructed facility in San Diego to Extra Space at the end of last year.
Baker announced his retirement last spring.
“The business is crazy right now. I like to do things right, and they wanted cheap and fast,” Baker said during an interview with radio station KPCC.
Following the announcement, Prop Store auctioned off hundreds of iconic pieces that he created in the Glendale studio including puppets, models, molds and suits from such films as Harry and the Hendersons, Gremlins, How the Grinch Stole Christmas, Planet of the Apes, Batman Forever, Coming to America, The Nutty Professor and more. The auction netted more than a $1 million.
Baker acquired the warehouse in 1995 for $1.8 million, property records show. Stevenson Real Estate Services had the listing for the most recent transaction.