BLT Enterprises shows no signs of slowing, even as the pandemic brings uncertainty to the real estate market.
The Santa Monica-based real estate developer and owner recently acquired three industrial assets across Southern California for a combined $52.5 million.
The properties, totaling nearly 192,000 square feet, are located in Carlsbad, Irvine and West Los Angeles.
“Even through these uncertain times, we’ve continued to seek opportunities to acquire properties in California markets with long-term demand drivers in place,” Bernard Huberman, founder and president of BLT Enterprises, said in a statement.
“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,” he added.
The Carlsbad site, at 2827 Whiptail Loop West, is a roughly 146,000-square-foot industrial life science property that was built in 2019.
It has 30-foot clearances, eight dock-high doors and four grade-level doors.
Other features include a gazebo bridge, walking paths, a sun deck, bocce ball court and barbecue.
BLT purchased the property for $40.5 million. It is 100% leased to SAFC Carlsbad Inc.
“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,” Huberman said in a statement.
“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,” he added.
Cushman & Wakefield’s Aric Starck represented the buyer and seller in the transaction.
Built in 1969, the Irvine property is a nearly 41,000-square-foot building on 1.9 acres at 17466 Daimler St. It was purchased for $8.9 million.
The seller was ceramic manufacturer Ceradyne Inc., which is leasing back the property.
“The opportunity to lease the property back to the seller allows for immediate cash flow as we strategically decide next steps in our ownership,” Huberman said in a statement.
Lee & Associates’ Brad McCoy and Weston Dunlap represented the buyer. Cresa Phoenix represented the seller.
The West L.A. acquisition was a vacant 5,000-square-foot property at 2222 Cotner Ave. that BLT purchased for $3.18 million.
BLT intends to upgrade the property.
“We plan to implement state-of-the-art upgrades similar to what was executed during our hold of a nearby asset, 1941 Pontius Ave.,” Huberman said in a statement.
“By completing quality renovations and taking a strategic approach to this rebuild, we anticipate delivering an attractive offering to potential tenants who (are) looking for a new construction feel in an in-demand office submarket,” he added.
Magnum Properties’ Mike Meraz represented the buyer. Silver Platinum Realty’s Henry Danpour represented the seller.
BLT was founded in 1984 and has developed or purchased more than $2 billion in assets with a focus on waste and recycling and industrial spaces.
The company has been headquartered in Santa Monica since 2016. Notable tenants include Amazon.com Inc. and PepsiCo Inc.
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