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| Bernard Huberman |
SAN DIEGO, Calif., (May 5,
2017) – BLT Enterprises, a multi-faceted commercial real estate investment
company, has acquired a 71,862 square-foot, two-story flex industrial building
in the Kearny Mesa submarket of San Diego for $8.9 million.
“Kearny Mesa is San
Diego’s largest and most dynamic R&D and industrial submarket,” says Bernard Huberman, Founder and President
of BLT Enterprises. “The region’s tightening vacancy rates are rapidly driving
rent growth, and will continue to increase property values over the next
several years.
"At the end of last year, overall vacancy in this submarket was
2.9-percent, which was the lowest in all of Central San Diego’s R&D and
industrial submarkets.”
Huberman explains that
this property will continue to benefit from the region’s diverse economy and
growing labor pool, making it a strong addition to BLT’s existing San Diego
portfolio, which encompasses over 500,000 square feet in the market.
“Kearny Mesa is not
reliant on a single industry,” says Huberman. “The submarket boasts
diversification that is unmatched by surrounding areas. Healthcare, education,
defense, construction, government and consumer products are all staples in the
overall fabric of Kearny Mesa, providing long-term stability and demand for our
asset over time.”
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| Mike Meraz |
“We plan to remove this
additional 20,000 square feet of added mezzanine and return the property to its
original 52,000 square-foot size,” says Huberman. “The addition of the office
space resulted in a 3/1,000 parking ratio, which made it severely under parked.
"By removing this section, we are able to increase the parking ratio to 4.25/1,000, which will improve the property’s functionality and appeal in the market.”
"By removing this section, we are able to increase the parking ratio to 4.25/1,000, which will improve the property’s functionality and appeal in the market.”
In addition to removing
the mezzanine, BLT Enterprises also plans to integrate a series of improvements
that will modernize the property. This includes redone exteriors, new
mechanical systems, and employee amenities.
“Our investment platform
centers on holding our assets long-term,” says Huberman. “By modernizing the
property and increasing parking, we will be able to attract high quality
tenants that will deliver long-term value to this asset.”
He adds, “Overall, this
acquisition is well-aligned with our strategy to acquire and develop properties
in primary growth markets where we can bring value to tenants.”
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| Ron Jacobson |
Mike Meraz
of Magnum Properties and Ron Jacobson
of SD Realty Partners represented BLT Enterprises as the buyer in the
transaction.
Kerry Schimpf
of Commercial Properties Group and Randy
LaChance of Voit Real Estate Services represented the seller, Apprentice
and Journeymen Training Trust Fund of Southern California Plumbing and Piping
Industry.
For a complete copy of the company’s news release,
please contact:
Elisabeth Manville/Lexi
Astfalk
Brower, Miller & Cole
(949) 955-7940
