May 21, 2020 Comments (0) Views: 474 California News, San Diego

BLT Divests Repositioned Campus to Longfellow for $39M

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Santa Monica-based BLT Enterprises sold the Sorrento Tech campus in San Diego’s Sorrento Mesa submarket to Longfellow Real Estate Partners for $39 million. The property is comprised of three creative office/R&D buildings totaling more than 93,480 square feet that are 100%-leased to CV Sciences, TorreyCove Capital Partners, L3 Technologies, and Ron’s Pharmacy.

BLT’s Bernard Huberman says, “We purchased the buildings mid-cycle, following the Great Recession, recognizing the value of their central location in a booming submarket.” BLT subsequently implemented a strategic repositioning plan to transform an asset that was one-third vacant, had functionally obsolete space, and two of the buildings had been distressed assets purchased from the prior lender.

The adaptive reuse renovations included converting 35,000 square feet of raw industrial space into innovative creative office product. The buildings are at 10070, 10140, and 10180 Barnes Canyon Rd.

SD Realty Partners’ Ron Jacobson, along with Cushman & Wakefield’s Rick Reeder and Brad Tecca, represented both parties.

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