Los Angeles-based BLT Enterprises has repositioned a 6,500-square-foot raw industrial space in the Sorrento Valley submarket of San Diego into creative-office product. The property, located at 10070 Barnes Canyon Road, now offers an open floor plan, complete with three executive offices, a large conference room, an upgraded kitchen, and an outdoor patio.
“Creative-office product is in high demand in Southern California markets, and newly renovated space in this niche can deliver tremendous long-term value,” says Bernard Huberman, founder and CEO of BLT Enterprises. He adds that by converting the former industrial space into creative space, “we are leveraging current economic and job growth … and bringing new product that is craved by companies in various sectors, including tech, healthcare, real estate, marketing and more.”
BLT Enterprises, which acquires, develops, and holds properties long-term, has a history of transforming sites into high-performing assets. According to Huberman, the firm’s vertically integrated approach ensures seamless projects from inception to construction to property and asset management.
With regard to the conversion, Huberman says, “Industrial re-use is a sector we understand well. We recently completed a similar project in an adjacent asset that was exceptionally well received by the community. Based on that success, we anticipate this new renovation will lease quickly.”
He points out that new projects and renovated buildings are driving most of the demand for creative=office space in San Diego. “Average asking rents have steadily increased since 2013, with the vacancy rate dropping to 12 percent. Based on our expertise in the market, we believe this renovated space will offer a prime opportunity for potential tenants in a rapid-growth office market.”