$12.5M financing completed for iconic Culver Theater in California

LOS ANGELES, Nov. 18, 2024 – JLL Capital Markets announced today that it has arranged the $12.5 million senior financing of Culver Theater, a 41,341-square-foot movie theater in Culver City, California.

JLL represented the borrower, Oliver McMillan LLC, and secured the five-year, fixed-rate loan through Zions Capital Markets.

Culver Theater, situated at 9500 Culver Blvd., occupies a strategic position across from Culver Studios, where a global e-commerce giant and movie production company operates over 530,000 SF of film and TV production space. This prime location in Culver City, part of the greater Los Angeles area, offers quick access to major thoroughfares including Venice Blvd., I-405 and I-10.

As Culver City has evolved into a thriving hub for media and technology companies, the Culver Theater has become a valuable asset in the entertainment real estate sector. Its appeal is further enhanced by a long-term lease to a tech giant.

The Culver Theater, built in 2004, situated in Culver City's premier and highly walkable downtown retail corridor, is 100% occupied. The buildout includes a best-in-class six-screen movie theater experience with a full bar, theater snacks and kitchen fare and plush seating along with six private sound stages.

The theater, previously occupied by Arclight, was leased to a global e-commerce giant in June 2021 and opened to the public in 2022.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Director Alex Olson, Associate Joshua Blank and Analyst Sarah Kim.

"The Culver Theater represents a unique opportunity in the heart of Culver City's entertainment district," said Olson. "Its prime location, coupled with the long-term commitment from a credited tenant, made this an attractive loan for Zions Capital Markets in today's market."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

OliverMcMillan, a San Diego-based private real estate development firm founded in 1978, specializes in creating award-winning mixed-use retail, entertainment and residential projects across the United States. With over four decades of experience, the company has developed more than eight million square feet of projects.

Zions Capital Markets is the trade name for certain business activities of Zions Bancorporation, N.A. (NASDAQ: ZION), a financial services company with annual net revenue of $3.1 billion in 2023 and more than $87 billion of total assets. The Bank celebrated its 150-year anniversary with a long history of CRE lending activities and launched Real Estate Capital Markets to expand the Bank’s commercial real estate product offerings.