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5/31/17
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BLT Enterprises has acquired a 60k sf industrial building in Carlsbad for $9 mil, or $150/sf. The seller, El Cedro LLC, leased-back the entire property for three years as part of the deal.
The two-story property is located at 5940 Darwin Ct, within Carlsbad Research Center and adjacent to McClellan-Palomar Airport. It features 26 warehouse clear heights, 10 x 10 truck-well loading doors, 12 x 12 ground-level doors, 180 parking spaces, and a secured gated loading area. The property also offers a mix of private and open area offices.
BLT plans to make significant improvements to the property to drive tenant demand and capture competitive rental rates as the lease rolls, according to Bernard Huberman, president of BLT Enterprises. Until such time, the sale-leaseback structure allows us to enjoy stabilized cash flow as we plan the property upgrades.
Ron Jacobson of SD Realty Partners represented the buyer in the transaction. The seller was repped by David Steffy of Palomar Commercial.
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