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6/27/16
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BLT Enterprises has acquired Sorrento Tech II, a two-building, 63.3k sf office and R&D campus located in the Sorrento Mesa submarket of San Diego, for $12.6 mil ($199/sf). The property was 87% leased to two large tenants at the time of the acquisition.
Sorrento Tech II is located at 10140 and 10180 Barnes Canyon Rd, east of I-805 and south of Sorrento Valley Blvd. The property had just been renovated in 2014. The immediate area of Sorrento Mesa is home to tech tenants including Qualcomm, Verizon and Sony.
Ron Jacobson of Madison Partners represented BLT in the transaction. The seller was repped by Sean Fulp and Brunson Howard of NGKF Capital Markets.
We’re told that BLT, based in Santa Monica, is currently in escrow on another property within the same market. The company was founded in 1984 and has developed or acquired more than $2 bil in assets to date.
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