BLT Enterprises Brokers three-acre transportation facility lease in Costa Mesa, CA to Hyundai dealership

3.1-acre transportation facility leased
 to Hyundai dealership in Costa Mesa, CA

 COSTA MESA, CA – BLT Enterprises, a multi-faceted real estate investment company with a track record of success, has fully leased its recently acquired 3.11 acre industrial site in Costa Mesa, California, a submarket of Coastal Orange County, which includes a 12,588 square foot truck and automotive maintenance facility and office building.

The tenant, a group of local Hyundai dealerships, entered a five-year lease agreement to occupy the site. Financial details of the deal were not disclosed.

Lukas Huberman

“BLT’s strength lies in our ability to identify unique properties that other investors might overlook and then swiftly execute on our business plan for those assets,” says Lukas Huberman, Vice President and Director of Acquisitions.

“When we purchased this property late last year, we knew the key feature of this asset would be its low coverage and highly functional maintenance facility.

"The entirety of the property can be utilized by the tenant, allowing us to value the lease based on the total yard space, rather than the site’s building alone.”

Hyundai dealership

BLT secured a five-year lease with the group, which includes Hyundai of Huntington Beach, Hyundai of Anaheim, and Hyundai of Garden Grove, that will use the property as a reconditioning, repair, and storage facility for its fleet of new and used vehicles, explains Huberman.

The fully secured property is improved with an industrial building which includes offices and a 10,000 square-foot state-of-the-art truck and automobile maintenance facility. The 18-foot ceiling height facility has seven grade-level doors with three drive-through bays and one wash bay.

 Robert Solomon

Located only 10 minutes from John Wayne Airport and less than 30 minutes from the Long Beach Airport and Port of Long Beach, the property is ideally positioned with immediate access to Interstate 405 and State Route 55.

The property aligns directly with BLT’s investment strategy of acquiring well located in-fill assets that meet the escalating transportation and logistics demands throughout Southern California, notes Robert Solomon, President and Chief Legal Officer at BLT Enterprises.

Jace Gan

“Following our acquisition of this property, the leasing transaction was completed very quickly,” says Solomon. “With over four million square feet of industrial property in Southern California, we are intimately familiar with the sub-market and know the value of properties like 3539 Howard Way.

 "As the Southern California industrial market continues to fire on all cylinders, we realized the opportunity to utilize the under-coverage site and were confident it would not be vacant for long.

"The fact is excess yard space is getting harder and harder to find in all Southern California sub-markets.”

Clyde Stauff

BLT Enterprises was represented in the leasing transaction by Jace Gan and Clyde Stauff with Colliers.

The industrial property is located at 3539 Howard Way in Costa Mesa, California.

 

CONTACTS:

 

Hanna Kokuashvili/Elisabeth Manville

The Smart Agency, Inc.

(949) 438-6262

hkokuashvili@thesmartagency.com