Yellowstone Movie Theater Site Goes to MarketPosted by: jhon | Posted on: September 1, 2020
MILLTOWN, MT—Stan Johnson Co. is marketing a movie studio site, where future episodes of the show “Yellowstone” will be filmed. The site includes more than 100 acres of developable land. Jimmy Ullrich and Michael J. Macchia of Stan Johnson Co., together with Mark Twite of Twite Realty Corp/, are listing the property for $11.6 million.
“We’re excited to announce this incredibly unique listing opportunity,” said Ullrich, Director in Stan Johnson’s New York office, in prepared comments. “The current owner spent most of his life in Los Angeles and witnessed the tremendous value creation caused by the film industry. He acquired the Montana site with the intent to develop an industrial park but recently realized the vision for a large-scale movie studio when the television show, ‘Yellowstone,’ toured the site and acted quickly, signing a lease within days.”
Currently, the site features one industrial soundstage building totaling 38,300 square feet, but the tenant will be developing the site into an expanded, fully operational film studio at their own cost. If fully maximized, the property could accommodate up to 1.5 million square feet of studio space and soundstages.
The site is six miles from Missoula and only 17 minutes from the Missoula International Airport.
“The low density offered by the rural setting is attractive to the film industry in today’s environment,” Ullrich adds. “As studios ramp up production, which is in very high demand with so many people at home due to COVID-19, safety during production and filming is top of mind. Additionally, the state offers a 20 to 35 percent transferable income tax credit for production companies through the Montana Media Act, incentivizing studios further.”
Hollywood film studios have been spotlighted in commercial real estate news lately with this summer’s announcement of Blackstone acquiring a 49 percent stake in three studios totaling 1.2 million square feet of production space and another 1.0 million square feet of office space, where Netflix is the largest tenant.