The Santa Monica-based investment company recently acquired properties in San Diego, Orange, and Los Angeles counties
Carlsbad 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 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.”
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.”
The building is located adjacent to the 55 Freeway and MacArthur Boulevard, allowing for ease of access throughout the region. The well-maintained condition of the property, which was originally constructed in 1969, further adds to its appeal, notes Huberman.
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.
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. 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.
The property was acquired for $3.18 million and is located at 2222 Cotner Avenue in Los Angeles, California. Mike Meraz of Magnum Properties represented the buyer and Henry Danpour of Silver Platinum Realty represented 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. 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.