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5/08/17
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BLT Enterprises has acquired a 71.9k sf, two-story flex industrial building in the Kearny Mesa submarket of San Diego for $8.9 mil, or $124/sf. Constructed in 1981, the property is located at 5454 Ruffin Rd, west of I-15 and north of Clairemont Mesa Blvd.
The property was originally a 52k sf, R&D/flex building. In the late 1980s, it was expanded into a two-story office building, adding an additional 20k sf to the property.
BLT plans to remove the additional 20k sf of added mezzanine and return the property to its original 52k sf size. The addition of the office space resulted in a 3/1,000 parking ratio, which made it severely under parked. By removing this section, they will be able to increase the parking ratio to 4.25/1,000, which is expected to improve the property’s functionality and appeal in the market.
In addition to removing the mezzanine, BLT Enterprises also plans to integrate a series of improvements that will modernize the property. This includes redone exteriors, new mechanical systems, and employee amenities.
“Kearny Mesa is San Diego’s largest and most dynamic R&D and industrial submarket,” says Bernard Huberman, Founder and President of BLT Enterprises. “The region’s tightening vacancy rates are rapidly driving rent growth, and will continue to increase property values over the next several years. At the end of last year, overall vacancy in this submarket was 2.9%, which was the lowest in all of Central San Diego’s R&D and industrial submarkets.”
Mike Meraz of Magnum Properties and Ron Jacobson of SD Realty Partners represented BLT Enterprises in the transaction. Kerry Schimpf of Commercial Properties Group and Randy LaChance of Voit Real Estate Services repped the seller, Apprentice and Journeymen Training Trust Fund of Southern California Plumbing and Piping Industry.
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