A collection of seven industrial and creative office properties expands the company’s footprint in Southern California.
BLT Enterprises has acquired seven industrial and creative office properties for a total of $130 million. The assets are located throughout Southern California and encompass a total of 270,000 square feet of space on more than 18 acres of land.
According to CommercialEdge data, BLT Enterprises currently owns 37 properties in the state of California, mostly industrial and office buildings. Rob Solomon, chief development and Legal Officer at BLT Enterprises, stated in prepared remarks that the location and the possibility to increase the asset value over time were key aspects for these latest purchases. The company developed and acquired more than $2 billion in assets to date.
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Another major transaction in the Southern California market closed in July, when Rexford Industrial paid $661 million for seven properties. Orange County also saw significant transaction activity, with the June closing of its largest office sale so far this year, according to CommercialEdge. Metlife Investment Management and PGGM acquired the Intersect campus for $235.3 million from Hines.
Expanding the SoCal office and industrial portfolio
The properties were built between 1951 and 2000 and are located throughout Los Angeles County, Orange County and San Diego County.
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621 Hawaii St. is a 49,307-square-foot office building and sits on 2 acres. The property was completed in 1965, but had cosmetic renovations in 1990 and 2018, CommercialEdge data shows. The building has 24,654 square-foot floorplates and offers 156 spots at a parking ratio of 3.2 spaces per 1,000 square feet. The office is fully leased to Nexon America Inc., South Korea’s largest video game developer. The property is located in the El Segundo submarket, between the Raytheon and Northrop Grumman buildings, just 17 miles from downtown Los Angeles.
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6368 and 6374 Arizona Circle are located in the techainment ecosystem. 6374 Arizona circle is an office building completed in 1959 that encompasses 8,100 square feet. 6368 Arizona Circle was completed in 1958 and offers 7,000 square-foot of space. The two properties are 15 miles from downtown Los Angeles and have access to Interstate 405.
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7748 Industry Ave. is an industrial facility of 10,400 square feet that sits roughly on 1 acre and was built in 1962. The property is located in the Rivera submarket, 11 miles east of downtown Los Angeles and has access to Interstate 5. The property can be used as a distribution and outdoor storage facility.
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2901 Thornton Ave., completed in 1961, is an industrial building of approximately 10,000 square feet. The property, fully leased to Reno Hardware, is located in the Burbank submarket, north of Los Angeles. The asset is in proximity to Interstate 5 and less than half a mile from Hollywood Burbank Airport.
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The Orange County property is a vacant, 12,000-square-foot industrial facility that sits on 3.1 acres. Located at 3539 Howard Way in Costa Mesa, Calif., the building is close to the San Diego Freeway. Other industrial properties in the area include FedEx Ship Center and Commerce Park.
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The San Diego property is a 202,844-square-foot industrial building, completed in 2000. The facility has loading doors, dock leveler, dock bumpers and, according to CommercialEdge, it includes a two-level office build-out component. Located at 1 Viper Way, in Vista, Calif., the property is 40 miles from San Diego, with access to Ronald Packard Parkway.
