Marcus & Millichap: Brokers Selling a recording studio for $4.2 million







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Marcus & Millichap Brokers sells recording studio for $4.2 million

August 25, 2022

NASHVILLE, Tenn., August 25, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today today the sale of Addiction Sound Recording Studio, a 7,171-square-foot studio facility located in Berry Hill, Tennessee, a city in the Nashville metropolitan area. The asset was sold for $4.2 million.

“Nashville lives up to its Music City moniker and now rivals Los Angeles and New York for every genre of music,” said Justin Sturdivant, senior vice president of investments. “This studio was designed by a member of the Rock and Roll Hall of Fame and is unlike any studio on the market.”

Sturdivant had the exclusive listing to market the property on behalf of the seller, Jon Cain of Journey Group. The buyer is the Nashville-based Living Legacy Foundation.

Addiction Sound Recording Studio is located at 504 E Iris Drive in Berry Hill, Tennessee, in the Nashville metro area. Formerly owned by Rock and Roll Hall of Famer Jon Cain (Journey) alongside producer and writer David Kamulsky (Justin Bieber, Mötley Crüe, Keith Urban), the studio was designed by engineer and producer Chris Huston (The Who, Led Zeppelin, Van Morrison).

The property comprises two separate buildings and sits on 0.44 acres of land. Notable acts to record in the space include Keith Urban, Carrie Underwood, Shawn Mendes and Journey. The studio features an underground echo chamber and “artist’s retreat”, with a full kitchen, bedroom, bathroom and meeting space, offering one of the most unique experiences among the 40 studios in Hill Recording and Music Publishers.

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About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices in the United States and Canada. As of December 31, 2021, the company had 1,994 sales and investment finance professionals across 82 offices that provide investment brokerage and finance services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to its clients. Marcus & Millichap completed 13,255 deals in 2021, with sales volume of approximately $84.4 billion. For more information, please visit www.MarcusMillichap.com.

Disclaimer

Marcus & Millichap Inc. published this content on August 25, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on Aug 25, 2022 7:47:00 PM UTC.

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2022 sales 1,491 million

Net income 2022 158 million

Net debt 2022

PER 2022 ratio 10.3x
2022 return 3.74%
Capitalization 1,601 million
1,601 million
capi. / Sales 2022 1.07x
capi. / Sales 2023 0.95x
# of employees 801
Floating 96.7%

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Medium consensus SALE
Number of analysts 1
Last closing price $40.07
Average target price $30.00
Average Spread / Target -25.1%


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