Atlanta-based Blackhall Studios sold to private equity firm for $120 million

The sound stage lot at Blackhall Studios in Atlanta, Georgia.

Blackhall Studios

One in every of Atlanta’s biggest filming hubs has been bought.

Founder Ryan Millsap announced Wednesday the sale of Blackhall Studios to Commonwealth Crew, a Los Angeles-primarily primarily primarily based non-public equity company, for $120 million.

Blackhall, which is within the procedure of accelerating its footprint in Georgia, moreover has studio projects in London and Los Angeles.

Millsap acknowledged it became time for him to exit the Atlanta enterprise and hand it off to a non-public equity company that could per chance well “opt a crawl on the subsequent leg of the flee.”

“I’m an entrepreneurial opportunistic genuine estate developer,” Millsap acknowledged in a statement. “I’ve made my profession seeing issues early and executing early and exiting when the bigger funds are ready for monumental pattern opportunities.”

Blackhall Studios opened in 2017 and is one among the largest studio complexes in Georgia. The campus spans 165 acres and has 850,000 square feet of interior space all over 9 sound levels. Blackhall has been the home of high productions adore “Jumanji,” “Godzilla,” “Doctor Sleep” and “Venom.” It has labored with the majority of Hollywood’s monumental studios.

Millsap got right here to Georgia all around the commercial downturn. A graduate of Biola College and the College of Southern California, he grew to become an licensed genuine estate broker and received round 8,000 apartments in southeast Atlanta in 2014.

As the economy became round, he bought off these apartments and started changing feeble office buildings into inventive office areas and retail space. After organising himself within the neighborhood, he became approached a pair of uncommon genuine estate substitute — constructing a movie studio.

The deal allows Millsap to connect the rights to the Blackhall name for use on businesses.