[ad_1]
BLT Enterprises has acquired seven industrial and creative office properties for $130 million.
The Santa Monica-based real estate investment firm bought the properties — in Los Angeles County, Orange County and San Diego County — last month. The acquisitions include approximately 270,000 square feet of buildings on more than 18 acres of land.
“Leveraging our experienced team’s investment and market acumen, BLT saw an opportunity to expand our footprint in the Southern California markets where we actively own and manage creative offices and industrial properties,” BLT director of acquisitions Lucas Huberman said in a statement. “Using our deep experience and local relationships, we plan to apply our proven capital improvement strategies and assets to unlock long-term value and enhance operations.”
The outlook for innovative office and industrial space is strong in all Southern California markets. As the post-pandemic office rebound continues, creative office development and occupancy rates are expected to improve, with industrial space continuing to outperform in Southern California, BLT reports.
With no slowdown in sight, steady demand for industrial space has pushed vacancies to all-time lows, and Southern California vacancy rates remain below 2%, according to BLT Research.
With hybrid/remote work and increasing development and operational constraints shifting to the workplace environment, landlords and tenants are facing new challenges. According to the company’s chief development and legal officer, Rob Solomon, BLT ushers in a new era of office and industrial space.
“Our team’s experience in developing or acquiring more than $2 billion in assets and thoughtful growth strategy have laid the foundation for BLT’s unique industrial and creative office real estate success,” Solomon said in a statement. “These acquisitions are directly related to our continued strategy of acquiring well-located properties that offer value over long tenures. With recent post-pandemic changes, BLT’s understanding of the unique needs of today’s office and industrial space allows us to continue to grow and adapt with our tenants and create lasting business relationships.” It makes us.
The largest acquired property at 621 Hawaii St. in El Segundo is a 49,307-square-foot office building on 1.97 acres. The property is owned entirely by Nexon America Inc., South Korea’s largest video game developer. It is rented. It’s between the Raytheon and Northrop Grumman buildings, part of El Segundo’s aerospace and defense sector. As the city undergoes rapid renewal and adaptive reuse, the region continues to be one of the most sought-after markets in Southern California, with the most diverse rental housing.
BLT purchased 7748 Industry Ave. in Pico Rivera. The property is a 10,400 square foot warehouse building on 0.85 acres. The site is expected to meet the growing demand for distribution and outdoor storage in Greater Los Angeles.
2901 Thornton Ave. in Burbank was also purchased. A 10,246 square foot warehouse building located on 0.8 acres at 2901 Thornton Ave, minutes from the Burbank Airport on Interstate 5. This property is fully leased to Renault Hardware.
He purchased the Arizona Circle in Culver City BLT 6368 and 6374. 6368 Arizona Circle is a 6,900 square foot office building on 0.32 acres and 6374 Arizona Circle is an 8,100 square foot innovative office building on 0.32 acres.
Located off Interstate 405, 6368 and 6374 Arizona Circle is in the submarket “techtainment” ecosystem.
BLT is bullish on the creative office sector and is targeting properties in desirable Los Angeles submarkets such as Culver City and Playa Vista, Huberman said.
The purchase also included properties in Costa Mesa and Vista.
[ad_2]
Source link
