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BLT Divests Repositioned Campus to Longfellow for $39M

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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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition