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| 2256 Barry Avenue, a multitenant creative office property totaling about16,050 square feet in West Los Angeles, CA |
LOS ANGELES, Calif., (October 22, 2020) – BLT Enterprises, a multi-faceted real estate investment company based in Santa Monica, California, has acquired 2256 Barry Avenue, a multitenant creative office property totaling more than 16,050 square feet in West Los Angeles, California.
The asset is currently fully leased, but provides BLT with an opportunity to create further value through BLT’s proprietary asset management system, according to Bernard Huberman, the firm’s Founder and President.
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| Bernard Huberman |
“The prime location of this asset is perfectly aligned with our business plan to acquire properties in coastal California submarkets near major transportation corridors,” says Huberman, who notes that the property offers immediate access to the 10 and 405 Freeways and walking distance to the Metro Expo Line, driving strong tenant appeal. “West LA remains the most in-demand submarket for office space in the region, continuing to post the lowest vacancies amidst ample deliveries.”
According to Huberman, demand for creative space in the Los Angeles market is driven by a diverse range of companies, primarily in the tech, media, and entertainment industries. While demand has softened due to COVID-19, BLT believes in the resiliency of the Los Angeles Market.
“Over the past few years, we’ve strategically amassed a portfolio of several creative office, flex, and industrial properties in Los Angeles, with a large concentration in West LA and Hollywood,” explains Huberman.
“Through close relationships with our tenants and brokers, as well as keeping our finger on the pulse of the market, we’ve cultivated a deep understanding of what today’s businesses are looking for in creative, creative industrial and production space.
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| Television Center in Hollywood, CA |
"This has allowed us to implement renovations and operations strategies that will position our properties for strong tenant demand over the long term.”
To further take advantage of the cyclical tailwinds of the convergence of tech, streaming, media and entertainment, BLT launched a studio operations business, BLT Studios, approximately two years ago.
Huberman notes that BLT was attracted to the high quality of the asset, which features concrete floors, exposed ceilings, patios, abundant natural light, and secure parking, and requires only light renovations.
BLT’s current West LA and Hollywood holdings are now close to 300,000 square feet, with development opportunities for another 450,000 square feet, including Television Center in Hollywood, and the Hawke Media headquarters at 2231 S. Barrington Avenue, which is located within a quarter-mile of the new acquisition.
The property consists of two units, the first built in 2004 and the second in 2016. It was acquired for $9.29 million and is located at 2256 Barry Avenue in Los Angeles, California. The seller, who was not part of this release, was represented by Michael Preiss of rsfLA, Inc.
Contact:
Elisabeth Manville / Katie Haga
Brower Group
(949) 438-6262
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