BLT Snaps Up Sorrento Mesa Flex Asset
- Aug 11, 2016
San Diego—An office/R&D flex building in San Diego’s Sorrento Mesa submarket was recently acquired by BLT Enterprises. The commercial real estate firm purchased the property from local investment firm Pac Ventures. Madison Partners representative Ron Jacobson arranged the acquisition on behalf of the buyer, while Brian Starck and Dave Odmark of Cushman and Wakefield worked for Pac Ventures.
Located at 10070 Barnes Canyon Road in the tech-centric Sorrento Mesa, Sorrento Tech III offers a total of 30,000 square feet of space. The research and development/office building is two-thirds vacant, and BLT is looking to bank on the growing tech presence in the submarket. Home to tenants such as Verizon, Sony, and Qualcomm, the Sorrento Mesa submarket currently has average rents and occupancy that are above metro averages.
According to BLT Enterprises founder & President Bernard Huberman, “this central location further adds to the appeal of the property and is well-aligned with our strategy to acquire and develop properties in primary growth markets near major transit corridors.” He also noted that a capital improvements program is scheduled for the newly acquired asset, in order to boost leasing at Sorrento Tech III.
Image courtesy of BLT Enterprises