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| Katie Kalvoda |
ORANGE COUNTY, CA
(June 13, 2016) – BLT Enterprises, a multi-faceted commercial
real estate investment company, has
acquired a four-building office, flex and industrial portfolio encompassing
170,447 square feet and spanning four Orange County cities from Cordia Capital
Management, a leading private real estate investment firm based in Los
Angeles.
Cordia has a long history
of investing in the Orange County market and has accumulated a significant
portfolio comprised of institutional quality office, retail, industrial and
multifamily assets throughout California and the Western United States.
“We are pleased to make the sale at a time
when capital markets are favorable to us and look forward to reinvesting the
proceeds into strategic opportunities elsewhere,” says Katie Kalvoda, Chief
Investment Officer of Cordia Capital Management.
BLT acquired the portfolio
for $28 million or $164 per square foot.
The assets, which encompass an estimated total of 11.19 acres, are 100
percent occupied and strategically located in growing infill markets with
immediate access to major Southern California freeways, according to Bernard Huberman, Founder and President
of BLT Enterprises.
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| Bernard Huberman |
“The Orange County market
is primed for long-term economic growth, and we see a significant opportunity
for value creation here,” Huberman says.
“This diverse portfolio is well-aligned with BLT Enterprises’ strategy
to acquire and develop properties in prime locations near major transit
corridors.”
BLT focuses on long-term holds and
active asset management, according to Huberman, who notes that the firm employs
a “lifetime landlord” approach to each of its owned assets.
“As an owner, we focus on
relationships,” Huberman says. “We
remain flexible with tenant needs, and work to ensure that companies that lease
with BLT want to lease with us forever.
That focus will remain a top priority in these Orange County assets.”
According to Robert Vincent, Asset
Manager at Cordia Capital Management, the four-building portfolio is currently
leased to large national companies including Securitas Security Services USA,
which is publicly traded with annual revenues of $4.3 billion, as well as Ambry
Genetics, Compass Group USA, and Exhibitree.
“Our ability to attract and retain
these high caliber tenants created a strong opportunity to capitalize on
growing investor demand for quality, stabilized product in this region,” says
Nick Nikoghosyan, Vice President of Investments and Portfolio Management at
Cordia.
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| Robert Vincent |
During its three decades of
ownership, Cordia has seen the Orange County market evolve from agricultural
fields and nascent beach towns to become a robust driver of the Southern
California economy.
At the helm of
Cordia Capital Management, Chief Investment Officer, Katie Kalvoda, recounts, “We were early investors in Orange
County. Even during the worst cycles of
the last 30 years, Cordia has been able to maintain our competitive advantage
and achieve 100% occupancy.
"This
transaction is an example of our ability to be a leader in identifying growth
markets and generating superior long term returns.”
The transaction was brokered
by Kurt Bruggeman and Ryan Swanson
of Lee & Associates, who represented BLT Enterprises as the buyer, and Jeff Chiate, Jeff Cole and their team
at Cushman & Wakefield, who represented Cordia Capital Management as the
seller.
For a complete copy of the company’s news release,
please contact:
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