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| Sorrento Tech III, Sorrento Mesa Submarket, 10070 Barnes Canyon Road, San Diego, CA |
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| Bernard Huberman |
SAN DIEGO, CA (Aug. 9,
2016) – BLT Enterprises, a multi-faceted
commercial real estate investment company, has acquired Sorrento Tech III, a 30,000 square-foot flex building in the
Sorrento Mesa submarket of San Diego, California.
The property is located
adjacent to Sorrento Tech II, a two-building office and R&D campus, which
BLT Enterprises acquired earlier this year, according to Bernard Huberman, Founder and President of BLT Enterprises.
“Sorrento Mesa is at the center of
San Diego County and is one of the most dynamic technology and life science
employment hubs in all of San Diego,” says Huberman. “We see tremendous value
creation here as tech tenants continue to flock to the region, as well as
significant growth within the life science industry.”
The Sorrento Mesa
submarket is home to major tech tenants including Qualcomm, Sony and Verizon.
In addition, it has demonstrated strong employment growth and quality
demographics with 37,300 new jobs added to the market in 2015 alone, and
average median household incomes of $151,237 within a one-mile radius of the
business park.
“As owners, we are focused
on acquiring and developing properties that will attract quality long-term tenants
and appeal to the tenants’ overall needs,” explains Huberman.
“By acquiring this asset,
which brings our holdings to close to 100,000 square feet within the business
park, we will be able to provide a more campus style setting for tenants. This
campus-like environment will allow us to better cater to the growing population
of companies who are demanding more collaborative and creative environments.”
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| Rob Solomon |
The building is currently
33% percent leased with approximately 20,000 to 30,000 square-feet of available
space, according to Rob Solomon,
Chief Development and Legal Officer at BLT Enterprises, who also notes that
rents throughout the Sorrento Mesa submarket are outpacing rents in the greater
San Diego area.
“We plan to lease the
remaining vacant space, as well as implement a series of capital improvements
to the property. This will help to attract high caliber tenants while also
creating an opportunity for continued rent growth over time,” says
Solomon. “In addition, the flexible
entitlements and functionality of this asset allows for a range of uses,
including R&D, creative office and lab space.”
For a complete copy of the company’s news release,
please contact:
Devin Ugland/ Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940
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