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| Industrial Facility, Carlsbad, CA |
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| Bernard Huberman |
San Diego, CA – BLT
Enterprises, a multi-faceted real estate investment company, has
acquired a 166,310 square-foot industrial facility in the Carlsbad submarket of
San Diego, California that is fully leased to a global leader in golf equipment
and apparel. The property, which serves as a manufacturing facility, was
acquired off-market for $38,250,000.
“This was a rare
opportunity to invest in a Class A industrial property with a major credit
tenant in place, representing a tremendous long-term value proposition,” says Bernard
Huberman, Founder and CEO of BLT Enterprises. “The acquisition is
well-aligned with our ongoing platform, which is to make strategic
investments that deliver value over long hold periods.”
Huberman points to an
increasing tightening in the San Diego industrial market, specifically in the
North County region, as an indication of why the timing was right for this
acquisition.
“Industrial vacancy
ended 2017 at 4.97-percent - a 13
basis point drop from the prior quarter,” he says. “That said, development has
ramped up, and with more than 1.8 million square feet of product under
construction, supply will soon begin to meet demand. In this case, our
new tenant recently renewed its full-building lease for ten years, delivering
strong, consistent cash flow for the next decade.”
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| Ron Jacobson |
Ron Jacobson
of SD Realty Partners represented BLT Enterprises as the buyer, and Aric
Starck of Cushman & Wakefield’s San Diego office represented HGREIT II
2819 LOKER LP as the seller in the transaction.
The property is
located at 2819 Loker Avenue in Carlsbad, California.
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| Aric Starck |
Headquartered in Santa
Monica, Calif., BLT Enterprises was founded in 1984 and is a multi-faceted real
estate 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, entitlement, development, operation, and
property management of industrial, office, retail, mixed-use and special-use
properties.
For more information, please contact:
Kat Castagnoli / Lexi Astfalk
(949) 955-7940
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