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BLT Divests R&D Asset in San Diego’s Kearny Mesa Submarket
BLT Enterprises sold a 54,000-square-foot R&D/flex building in San Diego’s Kearny Mesa submarket for $18 million, or $330-per-square-foot. The buyer was San Diego Unified School District.
The Santa Monica, CA-based firm acquired the property in 2017. BLT Enterprises Bernard Huberman says, “Due to the property’s strategic location in a thriving industrial submarket, we knew that we could quickly enhance value by renovating, upgrading and modernizing the asset.”
The company converted the 77,000 square-foot, two-story office building at 5454 Ruffin Rd. back to its original 54,000 square-foot size by removing a second-story office space constructed in the late 1980s. BLT also modernized and upgraded the property by integrating a unique outdoor amenity space, new lobby, exposed high ceilings, skylights, dual pane energy efficient glazing, and LED lighting.
Colliers International’s Tom Mercer represented the buyer. SD Realty Partners’ Ron Jacobson along with CBRE’s Brad Black and Chris Pascale advised the seller.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
