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| 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.
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| 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.
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| 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.
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| 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.
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| 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
