BLT Enterprises Completes Yet Another San Diego Acquisition
- Jun 29, 2016
San Diego– A two-building office and R&D campus in the Sorrento Mesa submarket is BLT Enterprises’ latest acquisition in the San Diego metro. The commercial real estate investment company paid $12.6 million for Sorrento Tech II, in a deal brokered by Madison Partners’ Ron Jacobson on its behalf. The seller worked with NGKF Capital Markets representatives Sean Fulp and Brunson Howard.
The two buildings that comprise Sorrento Tech II are located at 10140 and 10180 Barnes Canyon Road in San Diego. Offering 63,333 square feet of space, the property currently has two tenants that occupy roughly 87 percent of the available space. The new owner’s challenge is to find a tenant for the remaining 8,000 square feet that were vacant at the time of the transaction.
The entire Sorrento Mesa submarket is populated by tech-focused companies including Sony, Verizon, and Qualcomm. The asset’s placement also offers easy access to the nearby I-805 and the Westfield UTC.
BLT is focused on acquiring other properties in the area, as the investor is already in escrow on another San Diego asset. The Santa Monica-based entity has been active since 1984, and in the three decades since its formation has been involved with more than $2 billion worth of assets.
Image courtesy of BLT Enterprises