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11/14/18
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San Diego Unified School District purchased a 54k sf R&D/flex building in Kearny Mesa for $18 mil, or $330/sf. The property, located at 5454 Ruffin Rd, was sold by BLT Enterprises.
BLT acquired the asset in 2017 and, since that time, has converted what was a 77k sf, two-story office building back to its original 54k sf size by removing the dated addition of a second-story office space constructed in the late 1980s.
“The addition of this mezzanine made the property severely under parked,” said Bernard Huberman, BLT Founder and President. “By restoring the property to its original size, we were able to create a highly-functional environment that appealed to a diverse range of prospective buyers, and ultimately added to the long-term value of the property.”
In addition to removing the dated renovations, BLT Enterprises also modernized and upgraded the property by integrating a unique outdoor amenity space, new lobby, exposed high ceilings, skylights, dual pane energy efficient glazing, and LED lighting, among other features.
Ron Jacobson at SD Realty Partners, along with Brad Black and Chris Pascale at CBRE, represented BLT Enterprises in the deal. Tom Mercer at Colliers International repped San Diego Unified School District.
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