San Diego Unified School District has purchased a 54,000-square-foot R&D/flex building at 5454 Ruffin Road in the Kearny Mesa submarket of San Diego for $18 million or $330 per square foot, according to a release from a representative of BLT Enterprises, the seller. The firm reports that BLT acquired the property in 2017 and renovated it before selling it to the school district a year and a half later for a reported record price per square foot for an industrial asset in the that submarket.
SoCal Real Estate reached out to the rep for information on how the school district will use the building but did not hear back before deadline.
According to the statement, BLT converted a 77,000-square-foot, two-story office building back to its original 54,000-square-foot size by removing the dated addition of a second-story office space constructed in the late 1980s. The former owner also modernized and upgraded the property by creating an outdoor amenity space, new lobby, exposed high ceilings, skylights, dual-pane energy-efficient glazing, and LED lighting, among other features, the source says.
The statement also says Ron Jacobson at SD Realty Partners, along with Brad Black and Chris Pascale at CBRE, represented the seller in the transaction, while Tom Mercer at Colliers International represented the buyer.
Bernard Huberman, founder and president of BLT Enterprises, is quoted in the release as saying, “Due to the property’s strategic location in a thriving industrial submarket, we knew that we could quickly enhance value by renovating, upgrading, and modernizing the asset.”
Huberman also says in the release that the mezzanine the seller removed “made the property severely under parked. 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.”