BLT Enterprises Inks Sorrento Mesa Leases
- Sep 29, 2017
BLT Enterprises leased a combined 32,093 square feet to CV Sciences and TorreyCove Capital Partners, which have recently relocated their headquarters to the Sorrento Mesa submarket of San Diego. Cushman & Wakefield represented BLT Enterprises in both transactions, as well as CV Sciences, while CBRE worked on behalf of TorreyCove.
Room to grow
“CV Sciences and TorreyCove Capital Partners were looking for high-quality space for their corporate headquarters that would cater to their existing needs, while also allowing for future growth,” said Bernard Huberman, founder & president of BLT Enterprises, in prepared remarks.
CV Sciences will occupy 24,000 square feet at Sorrento Tech III. BLT Enterprises plans to build spec creative office space in the remaining 6,097 square feet of the project located at 10070 Barnes Canyon Road. BLT Enterprises bought the 30,097-square-foot flex R&D and industrial property from Pac Ventures in 2016.
Torrey Cove Capital Partners will occupy 8,093 square feet at Sorrento Tech II, a 63,333-square-foot creative office and R&D campus located at 10180 Barnes Canyon Road. BLT acquired the asset in 2016 for $12.6 million. The property was 87 percent leased at the time of sale. The new lease brings the asset to full occupancy. Other tenants include aerospace and defense firm L3 Technologies and Ron’s Pharmacy. The company recently renovated and converted the 8,000-square-foot space to spec create office, according to Huberman.
The adjacent properties are in close proximity to interstates 5 and 805. The Sorrento Valley office market had a vacancy of 12.4 percent in the third quarter, according to a Yardi Matrix report.
Images courtesy of BLT Enterprises