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November 27, 2020
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BLT Enterprises in a Create-ive Mood with $40 Mil Carlsbad Acquisition


Los Angeles-based BLT Enterprises has purchased Create, a newly developed, 146.1k sf Class A pharmaceutical manufacturing facility in Carlsbad, for $40.45 mil ($277/sf). The building, located at 2827 Whiptail Loop West, had been leased a few months earlier by MilliporeSigma, whose parent company is Germany-based Merck KGaA.

The new, $110 mil facility was developed and sold by RPG, formerly RAF Pacific Group, who transacted the lease with MilliporeSigma prior to the sale. The building will be MilliporeSigma’s second Carlsbad-based facility. The new manufacturing facility will support viral and gene therapy production at the 1000-liter scale using MilliporeSigma’s Mobius® single-use equipment.

Create was designed by RPG as a lifestyle campus with high image two-story lobbies, large retractable open air windows, solar power, and an amenitized West-facing outdoor sundeck. The campus also features a bocce ball court, barbeque area, and ocean/canyon views.

Aric Starck with Cushman & Wakefield represented RPG in both the lease and disposition.

“This new state-of-the-art facility is very well located in the coastal and highly coveted Carlsbad submarket and strategically positioned within San Diego, the nation’s third largest life science cluster,” said Starck “This lease and expansion by a major company who has operated and made significant real estate investment in Carlsbad for decades further reflects the continued growth and desirability of our local life sciences market.”

Starck continued, “The lease also created a very attractive investment offering across the board.” He added, “Through the pandemic we continue to see ongoing investor demand for industrial product—especially of such superior quality—in San Diego, one of the country’s most desirable real estate markets.”

Notably, last month Starck had also represented RPG in selling Vector, a newly constructed 169.8k sf, Class A industrial facility in Carlsbad fully leased to two tenants, for $44 mil.

RPG currently owns a real estate portfolio totaling over 3.5 msf, which includes approximately 900k sf of ground-up development. In the last eight years, they have acquired, developed and repositioned over $570 mil of industrial, office, retail, and R&D properties.

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