BLT Enterprises Acquires CA Manufacturing Facility for $31M
- Dec 03, 2018
BLT Enterprises has acquired 3250 Business Park Drive, a 221,660-square-foot corporate headquarters-quality industrial manufacturing in Vista, Calif. DENSO Wireless Systems America Inc. sold the 1997-built warehousing facility for $31.1 million. The seller, an automotive technology, systems and components supplier, is also the developer of the property and currently occupies the entire building.
Located within the North San Diego submarket, near interstates 5 and 15 and within walking distance of many of North San Diego’s premier retail and dining establishments as well as residential communities, the asset is the only manufacturing facility larger than 200,000 square feet in the area. The property boasts interesting design elements such as a canopy entry, sculptured concrete, reflective glass and a two-story glass-clad lobby.
“3250 Business Park Drive is one of the most coveted business addresses in North County,” Bernard Huberman, founder & president of BLT Enterprises, said in a prepared statement. “The property was developed with high technology industrial design characteristics. The exterior features cutting-edge modern architecture while the interior boasts extremely high quality and fully upgraded manufacturing and warehouse space featuring 28- to 30-foot clear height, 12,000 amps of power and a backup generator system, making this facility a unique find for a manufacturing tenant with high power needs.”
The facility currently occupies 30 percent of the 16 acres of land that constitutes the entire property. The rest of the land is utilized for yard and vehicle parking, though there remains a 3.7-acre unpaved parcel that allows for the addition of more parking or the development of other industrial and R&D facilities.
“The undeveloped acreage allows us to potentially increase on-site parking or expand/reposition the existing facility—all strategies that would enhance the long-term value of the asset and substantially increase NOI,” Huberman said.
Hot industrial market
The city of Vista is known as a high-tech production, manufacturing and R&D epicenter that attracts a diverse cluster of companies from across San Diego. According to Cushman & Wakefield’s most recent industrial market report, vacancy stood at 5 percent in the area for the third quarter, a 20 basis points increase year-over-year. The report also notes that San Diego’s economy of $231.8 billion is projected to grow an additional 4.2 percent in the fourth quarter of the year and 2.9 percent next year, above its 10-year average of 2.6 percent.
Recent research by BLT Enterprises reveals industrial vacancy throughout North County came in at a record low, closing out the end of the third quarter at 5.9 percent. According to Huberman, demand will continue to drive vacancy rates down, placing upward pressure on rental rates and adding to the long-term value of the asset.
SD Realty Partners’ Ron Jacobsen represented BLT Enterprises in the transaction, while Cushman & Wakefield’s Aric Starck worked on behalf of the seller. In November, BLT Enterprises sold a R&D facility in San Diego’s Kearny Mesa submarket for a record price of $330 per square foot.
Images courtesy of BLT Enterprises