CARLSBAD, IRVINE, and LOS ANGELES, CA – BLT
Enterprises, a multi-faceted real estate investment company based in
Santa Monica, California, recently acquired three industrial assets in Southern
California totaling more than 191,700 square feet.
The properties are located in the San Diego
County submarket of Carlsbad, the Orange County submarket of Irvine, and the
Los Angeles County submarket of West LA, according to Bernard Huberman,
Founder and President of BLT Enterprises.
“Even through these uncertain times, we’ve
continued to seek opportunities to acquire properties in California markets
with long-term demand drivers in place,” explains Huberman.
“While
located in different regions of Southern California, these three new additions
to our portfolio are all well aligned with our proven strategy of acquiring
quality industrial properties in excellent, accessible locations
near major transportation hubs.”
The property was acquired for $3.18 million and is located at 2222 Cotner Avenue in Los Angeles, California.
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| Mike Meraz |
The three acquisitions include:
Brand
New Industrial Life Science Asset Added to San Diego County Portfolio
BLT Enterprises has purchased a
newly constructed industrial life science property totaling more than 146,100
square feet in the North San Diego County submarket of Carlsbad, California.
The asset, which was acquired for $40.45
million, is fully leased to SAFC Carlsbad, Inc. The tenant is a subsidiary of
Merck KGaA, a multinational pharmaceutical, life sciences, and research
and development company headquartered in Darmstadt, Germany.
“This was an incredibly rare opportunity to
acquire a new state-of-the-art building, conceptualized as an industrial
lifestyle campus, with an investment grade tenant in place,” explains Huberman.
“The
purchase of this asset, located in the most active submarket of the
world’s third-largest life sciences hub,
is also in line with our strategy to acquire properties in booming areas
with long-term growth outlooks.”
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| Bernard Huberman |
The property, which was completed in 2019,
features a sleek architectural façade, glass roll-up and clamshell windows, a
covered gazebo bridge leading to the main lobby, walking paths, a sun deck, a
bocce ball court, a BBQ, and several gathering areas.
Facility amenities also include 30’ clear
height, eight dock-high doors, four grade-level doors, 4,000 amps of power,
Grade B, C, D classification clean rooms, a dedicated lab exhaust system, a
vacuum pump system, and a PH neutralization system.
The property is located at 2827 Whiptail Loop
West in Carlsbad, California. Aric Starck of Cushman & Wakefield
represented both the buyer and the seller, RPG, in this transaction.
Sale-Leaseback
Investment in Orange County
BLT Enterprises has acquired a 40,645
square-foot industrial building situated on 1.9 acres of land in the Orange
County submarket of Irvine, California.
The building was acquired from the current
tenant, Ceradyne, Inc., a ceramic manufacturer and subsidiary of 3M, in a
sale-leaseback transaction, according to Huberman.
“We were attracted to this asset based on its
exceptional location in Orange County’s Greater Airport Area, which has
consistently seen high demand,” says Huberman, pointing to a recent CBRE report
that highlighted a tight 2-percent vacancy rate
for the submarket.
“The opportunity to lease the property back to the seller
allows for immediate cashflow as we strategically decide next steps in our
ownership.”
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| Brad McCoy |
The property, located at 17466 Daimler Street in
Irvine, California, was purchased for a total consideration $8.9 million.
Brad McCoy and Westin Dunlap of Lee West LA represented the buyer in the acquisition and Cresa Phoenix represented the seller in the transaction.
Brad McCoy and Westin Dunlap of Lee West LA represented the buyer in the acquisition and Cresa Phoenix represented the seller in the transaction.
Creative
Light Industrial Conversion Planned for Los Angeles Asset
BLT Enterprises has also acquired a 5,000
square-foot industrial building in West Los Angeles, California.
The firm plans to execute its proven creative
light industrial conversion strategy on the vacant property, notes Huberman.
“This asset is an excellent addition to our
existing portfolio of creative properties located near West LA’s major
transportation corridors,” says Huberman.
“We plan
to implement state-of-the-art upgrades similar to what was executed during our
hold of a nearby asset, 1941 Pontius Avenue.
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| Westin Dunlap |
"By completing quality renovations and
taking a strategic approach to this rebuild, we anticipate delivering an
attractive offering to potential tenants who looking for a new construction
feel in an in-demand office submarket.”
Huberman adds that the property also offers
unmatched immediate access to Interstate 405, furthering its appeal.
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