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Dealmaker: BLT Enterprises Buys Industrial Facility for $38M
BLT Enterprises, Santa Monica, Calif., acquired a 166,000-square-foot industrial facility in San Diego’s Carlsbad submarket in an off-market deal for $38.2 million.
The Acushnet Co., which owns golf industry brands including Titleist and Footjoy, occupies the one-story manufacturing facility.
“This was a rare opportunity to invest in a Class A industrial property with a major credit tenant in place, representing a long-term value proposition,” said BLT Enterprises Founder and CEO Bernard Huberman. He noted the acquisition aligns well with BLT’s platform of making strategic investments that deliver value over long hold periods.
Huberman pointed to increasing tightening in San Diego’s industrial market, specifically in the North County region. He noted industrial vacancy ended 2017 at 4.97 percent–down 13 basis points from the prior quarter. “That said, development has ramped up, and with more than 1.8 million square feet of product under construction, supply will soon begin to meet demand,” he said. “In this case, our new tenant recently renewed its full-building lease for ten years, delivering strong, consistent cash flow for the next decade.”
Ron Jacobson, Managing Director with SD Realty Partners, San Diego, represented BLT Enterprises; Cushman & Wakefield Executive Managing Director Aric Starck represented seller HGREIT II 2819 Loker LP.
The property is at 2819 Loker Avenue East in Carlsbad.