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April 23, 2019
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BLT Enterprises Closes $38 Mil Industrial Buy in Carlsbad


BLT Enterprises has purchased a 166.3k sf industrial facility in Carlsbad for $38.25 mil ($230/sf) in an off-market transaction.

The property is fully leased to a global leader in golf equipment and apparel, which uses it as a manufacturing facility. It is located at 2819 Loker Ave, just north of Palomar Airport Rd.

“This was a rare opportunity to invest in a Class A industrial property with a major credit tenant in place, representing a tremendous long-term value proposition,” says Bernard Huberman, Founder and CEO of BLT Enterprises. “The acquisition is well-aligned with our ongoing platform, which is to make strategic investments that deliver value over long hold periods.”

Huberman points to an increasing tightening in the San Diego industrial market, specifically in the North County region, as an indication of why the timing was right for this acquisition.

“Industrial vacancy ended 2017 at 4.97% - a 13 basis point drop from the prior quarter,” he says. “That said, development has ramped up, and with more than 1.8 msf of product under construction, supply will soon begin to meet demand. In this case, our new tenant recently renewed its full-building lease for ten years, delivering strong, consistent cash flow for the next decade.”

Ron Jacobson of SD Realty Partners represented BLT Enterprises in the deal. Aric Starck of Cushman & Wakefield’s San Diego office repped the seller, HGREIT II 2819 LOKER LP, in the transaction.

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