Wednesday, May 20, 2020

BLT Enterprises Sells Three-Building Office and R&D Campus in San Diego's Sorrento Mesa Submarket for $39 Million

Sorrento Tech campus, comprised of three creative office/R&D buildings totaling more than 93,480 square feet, in the Sorrento Mesa submarket of San Diego, CA


SAN DIEGO, CA, May 20, 2020 – BLT Enterprises, a multi-faceted real estate investment company based in Santa Monica, California, has sold the Sorrento Tech campus, comprised of three creative office/R&D buildings totaling more than 93,480 square feet, in the Sorrento Mesa submarket of San Diego, California, to Longfellow Real Estate Partners for $39 million.

Bernard Huberman
During the firm’s four-year ownership of the assets, BLT Enterprises implemented a strategic repositioning plan, driving up the value and bringing the campus to 100% occupancy, according to Founder and President Bernard Huberman.

“We purchased the buildings mid cycle following the Great Recession, recognizing the value of their central location in a booming submarket,” says Huberman, noting that at the time, one-third of the project was vacant, functionally obsolete space, and two of the buildings had been distressed assets purchased from the prior lender. 

“We completed a range of light-to-heavy upgrades and the campus has now been fully leased to multiple tenants for several years.”  

Drawing on extensive experience in adaptive reuse, BLT Enterprises’ renovations to the campus included transforming a 35,000 square-foot raw industrial space into innovative creative office product, offering an open floor plan, complete with three executive offices, a large conference room, an upgraded kitchen, and outdoor patio. 

 Ron Jacobson 
Huberman notes that the decision to sell at this time made sense as the firm looked ahead to the long-term future of the submarket in which the campus is located.

“As Sorrento Mesa has increasingly distinguished itself as one of San Diego’s biotech and life science hubs, we envision that the strategic next step for the Sorrento Tech campus will be to invest heavily in tailoring the facilities to life sciences and biotech companies,” explains Huberman. 

“Because that is not currently within our core focus, and with demand and construction activity at a high in the submarket, we decided now was a prime opportunity to sell.”

According to Huberman, Longfellow Real Estate Partners is focused on expanding its life sciences portfolio in the area and could benefit from Sorrento Tech’s flexible entitlements down the line.

Rick Reeder
The campus is currently 100% leased to CV Sciences, TorreyCove Capital Partners, L3 Technologies, and Ron’s Pharmacy.

The buildings are located at 10070, 10140, and 10180 Barnes Canyon Road in San Diego, California. Ron Jacobson of SD Realty Partners, along with Rick Reeder and Brad Tecca of Cushman & Wakefield, completed the transaction on behalf of both the buyer and the seller.

About BLT Enterprises

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. 

Brad Tecca 
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.


Contacts:

Elisabeth Manville / Katie Haga
Brower Group
(949) 438-6262


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