Saturday, June 22, 2019

BLT Enterprises Acquires 16,500-SF Building in Santa Monica, CA for Creative Office Property


Bernard Huberman
LOS ANGELES, CA – BLT Enterprises (BLT), a multi-faceted commercial real estate development and investment company, has purchased a 16,500 square-foot industrial building at 1601 Olympic Boulevard in Santa Monica, California. BLT is planning to convert the building into a creative-office property.

1601 Olympic Boulevard is situated on approximately 26,000 square feet of land in the Santa Monica submarket of Los Angeles, within walking distance of the expo line, Santa Monica City College, and numerous well-known media and entertainment companies.

The property’s size lends itself to an innovative conversion for creative users in the Santa Monica market, according to Bernard Huberman, Founder and President of BLT Enterprises.

Brad McCoy
“This acquisition, which happens to be located across the street from our company’s headquarters, aligns with our firm’s strategy of purchasing well-located but underutilized assets and redeveloping or converting them into modern properties that better serve the business community,” says Huberman.

 “Creative-office tenants are seeking space in the thriving Santa Monica market that offer amenities to help them attract and retain the best talent, and we are experts in providing this space.”

BLT was represented in the 1601 Olympic Boulevard sales transaction by Brad McCoy and David Wilson of Lee & Associates. The seller was represented by Bob Dubbins of Lee & Associates.

 Demand for creative office space continues to be high inWest Los Angeles, with the presence of technology giants including Google, Amazon, Facebook and Apple.
Bob Dubbins

These heavy hitters attract workers who demand workspaces that consistently evolve to accommodate their changing needs.

According to Huberman, flexibility and creative thinking are key elements to BLT's approach.

"Staying ahead of trends and anticipating the needs of current and future tenants ensures that these assets deliver exceptional long-term value to all parties," he says.

BLT has experience with a variety of out-of-the-box acquisitions and conversions in the Greater L.A. market. The firm recently acquired a four-stage studio lot in the core of the Hollywood Media District, according to Huberman.

The studio lot has been rebranded as BLT Studios and continues to serve production clients throughout the area.

David Wilson
Earlier this year, BLT completed the transformation of a former manufacturing facility in West Los Angeles into a 27,000-square-foot, state-of-the-art creative office space through which the company introduced a new concept in design: neighborhoods within the building that balance open collaborative space with private offices in a format that is customized to meet the organizational needs of each tenant.


About BLT Enterprises

Headquartered in Santa Monica, California, BLT Enterprises was founded in 1984 and is a multi-faceted real estate development and investment company with an exceptional track record of success in industrial and commercial real estate.

 The firm has developed or acquired more than $2 billion in assets to date. BLT Enterprises specializes in the acquisition, development, operation, and property management of industrial, office, retail, mixed-use and special-use properties.

CONTACTS:

Lisa James / Jenn Quader
Brower Group
(949) 438-6262

MCA Realty Sells 70,000-SF Industrial Property in Moorpark, CA for $10 Million


69,914 square-foot industrial building at 14399 Princeton Avenue in the Ventura County submarket of Moorpark, CA sold for $10,225,000.

Tyler Mattox
MOORPARK, CA – MCA Realty, a full-service real estate investment and management company based in Orange County, California, has sold a 69,914 square-foot industrial building at 14401 Princeton Avenue in the Ventura County submarket of Moorpark, California, for $10,225,000.

The buyer was tire wholesaler Big Brand Tires, which will fully occupy the property.

The transaction took place after MCA Realty executed an extensive renovation on the property, which was built in the early 1990s and in need of updating, according to Tyler Mattox, Principal at MCA.


Bennett F. Robinson

“The key to this sale was our ability to renovate a functionally obsolete building and making it desirable for today’s users,” says Mattox. 

“We were able to perform select renovations and bring a much-needed modern industrial space to the market, while realizing a strong return on our investment.”

MCA purchased the property in November 2017 as part of a 137,465 square-foot two-building industrial acquisition for $7.5 million.

Robert Griffin
The building at 14399 Princeton Avenue, a 45,916 square-foot property, was fully leased at the time of sale.

According to Mattox, MCA chose to monetize the building at 14399 Princeton, selling it for $6,125,000 within weeks of closing escrow, and concentrate on the repositioning of 14401 Princeton Avenue, a 91,549 square-foot industrial and office property.

“The most significant part of the renovation was the removal of roughly 20,000 square feet of mezzanine space to make the building functional,” says Mattox.

“We renovated all of the interior offices and reduced the mezzanine footprint to approximately 9,000 square feet.”

MCA also added an expansive truck court and a large loading dock with a canopy in addition to an updated paint scheme and new landscaping at the property.

Rick Scheckter
“This sale exceeded our financial projections,” says Mattox. “By scaling down the office mezzanine and improving the loading we were able to really make the property desirable for current-day industrial tenants and users.”

Bennett Robinson of CBRE along with Robert Griffin and Rick Sheckter of Newmark Knight Frank represented MCA Realty in the sale transaction. John Ochoa with Lee & Associates represented the buyer.

About MCA Realty

MCA Realty is a full-service real estate investment and management company specializing in commercial properties throughout the Western U.S.

The goal of the company is to identify real estate investment opportunities and execute value creation strategies that maximize returns to its investors. 

John Ochoa
MCA Realty's principals, Tyler Mattox, Jared Gordon, and Peter Cheng, have successfully navigated a full spectrum of market conditions, and pride themselves on building and maintaining strong relationships with industry partners.


CONTACTS:

Micaela Fehrenbach / Lexi Astfalk
(949) 438-6262


HFF arranges $27 million sale of San Diego-area value-add retail center


Poway Crossings, a 109,455-square-foot, value-add, LA Fitness-anchored community shopping center in the San Diego suburb of Poway, CA

NEWPORT BEACH, CA –– HFF announces that it has closed the $27 million sale of Poway Crossings, a 109,455-square-foot, value-add, LA Fitness-anchored community shopping center in the San Diego suburb of Poway, California.

HFF represented the seller.  Sterling Organization purchased the asset on behalf of its latest institutional value-add fund, Sterling Value Add Partners III, LP (“SVAP III”)

Gleb Lvovich
 Poway Crossings is Sterling Organization’s eighth acquisition in California since 2015 and their fifth investment on behalf of the $497 million SVAP III fund.

Situated on 10.10 acres at 12622-12654 Poway Road, the center is located along the main thoroughfare of Poway Road, exposing the center to more than 32,000 vehicles per day via Poway Road and Silver Lake Drive. 

 The center is in a dense and affluent trade area with nearly 90,000 residents earning an average annual household income of $125,000.

 The center was completed in 1979 and renovated throughout the years, most recently in 2015.  Poway Crossings is 80% leased to a variety of tenants, including LA Fitness, Dollar Tree and Big 5 Sporting Goods, Massage Envy, Sola Salon Studios, Sushi Lounge, Banfield Pet Hospital and KFC. 

The HFF investment advisory team representing the seller was led by managing director Gleb Lvovich and director Daniel Tyner.

“We are pleased to have worked with two excellent groups on the execution of this sale,” Lvovich said.  “As part of our consultative approach, the HFF team worked with the seller for well over a year on strategic leasing decisions prior to the sale. 

Daniel Tyner
"We were fortunate to work with a strong buyer in Sterling Organization, which has deep retailer relationships that will be key to complete the repositioning of Poway Crossings.”

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

 CONTACTS:

GLEB LVOVICH
CA Lic. #01496699
HFF Managing Director
(949) 253-8800

DANIEL TYNER
CA Lic. #01959818
HFF Director
(949) 253-8800

KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420


HFF closes sale of 5 Paragon Drive in Montvale, NJ



 5 Paragon Drive, 120,000-SF Class A office property, Montvale, NJ
Jose Cruz

MORRISTOWN, NJ –– Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the sale of 5 Paragon Drive, an approximately 120,000-square-foot, Class A office property in Montvale, New Jersey.

HFF represented the seller, a private equity firm, and procured the buyer.

5 Paragon Drive resides in the Upper Parkway Office submarket of Montvale, a community bordering New York State in Northern New Jersey. 

Kevin O'Hearn
Montvale offers a plentiful amenity base, including a new Wegmans Food Market and Life Time Fitness, and connectivity to the entire region via Montvale Train Station, the Garden State Parkway and Interstates 287/87. 

Additionally, Bergen County, where the property is located, is home to a significant number of corporate headquarters and operation headquarters for companies, including Sharp Corporation, Benjamin Moore, BMW and KPMG. 

Stephen Simonelli
5 Paragon Drive, which is 71% leased, features a two-story atrium lobby with large skylights, travertine marble and glass fa├žade, a full-service cafeteria and park-like grounds. 

The HFF investment advisory team representing the seller included senior managing directors Jose Cruz and Kevin O’Hearn, senior directors Stephen Simonelli and Michael Oliver and associate J.B. Bruno.

“We had very strong interest from national buyers on this asset given the location in Montvale and quality tenancy at the property. There was also upside in the available space,” Cruz stated.

HFF and Holliday GP Corp. are licensed New Jersey real estate brokers.

Michael Oliver
About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. 

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. 

J.B. Bruno
 HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). 

 For more information, please visit hfflp.com or follow HFF on Twitter @HFF.


CONTACTS:

JOSE CRUZ
NJ Lic. #8743725
HFF Senior Managing Director
(973) 549-2000

KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990