The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



SOUTHERN CALIFORNIA NEWS
Printer-friendly Version   Email an Associate
OC Medical/R&D/Office Building Trades for $330/sf

1/23/18

An investment buyer that included multiple Sherry Family Trusts acquired a 41.5k sf medical R&D/office asset in Aliso Viejo for $13.7 mil ($330/sf). The building is fully-leased to Ambry Genetics, a leading provider of clinical diagnostics testing services for genetic diseases.

The property is located at 15 Argonaut, east of Hwy 133 between I-5 and Hwy 73. It was sold by BLT Enterprises, who purchased the property from Cordia Capital Management in 2016 as a part of a four-building OC office, flex and industrial portfolio acquisition encompassing 170.4k sf for $28 mil, or $164/sf. BLT implemented renovations to the building’s roof and parking lot in order to increase the value and appeal of the property.

According to Bernard Huberman, Founder & President of BLT Enterprises, Ambry Genetics has occupied the building as the sole tenant since 2011. The asset’s scheduled rent is currently below market value, with a significant upside at the end of the lease term.

Ambry Genetics was acquired for $1 bil in October 2017 by Konica Minolta, a publicly-traded Japanese technology company with offices in more than 49 countries. Konica Minolta plans to maintain Ambry Genetics’ current name and headquarters at the property.

“The acquisition of Ambry Genetics by Konica Minolta ensures that the buyer will have a long-term, credit tenant,” Huberman added. “The steady income stream the tenant provides, along with the asset’s central location in Orange County’s Aliso Viejo submarket, made this an ideal time to sell and provided a strong return-on-investment despite our brief hold.”

Kurt Bruggeman and Ryan Swanson of Lee & Associates represented BLT Enterprises in the deal. Patrick Barnes of Colliers International repped the buyer.






Return to the Archive page


 


 


 


 
 





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media