Tuesday, August 9, 2016

BLT Enterprises Further Expands in San Diego, CA: Acquires 30,000-SF Office Building in Sorrento Mesa Submarket

Sorrento Tech III, Sorrento Mesa Submarket,  10070 Barnes Canyon Road,
San Diego, CA

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.”

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

No comments: