BLT Enterprises has acquired 3250 Business Park Drive, a 221,660-square-foot corporate headquarters-quality industrial manufacturing and warehousing facility in the North San Diego submarket of Vista, California, for $31.15 million, according to a release from a representative of the buyer. The release says the seller was tenant and sole occupier DENSO Wireless Systems America Inc., a leading supplier of advanced automotive technology, systems, and components.
DENSO currently occupies 100 percent of the building, which it built in 1997, according to the release. The property comprises 16 acres of land, 30 percent of which is occupied by the facility itself. Most of the remaining land is being used as a yard and vehicle parking area; however, there is a 3.7-acre parcel that is currently unpaved, offering the opportunity to either add more parking and increase that ratio to 5:1,000 or develop the parcel, which is flexibly zoned to accommodate a variety of industrial and R&D uses, BLT reports.
The property also features sculptured concrete and reflective glass, a canopy entry, and a two-story glass-clad lobby, the statement says. It is close to the SR-78, I-5 and I-15 freeways and is within walking distance to retail and dining establishments and residential communities.
Bernard Huberman, founder and president of BLT Enterprises, is quoted in the release as saying that 3250 Business Park Drive is the area’s only corporate headquarters-quality industrial manufacturing and warehousing facility over 200,000 square feet. He adds that the asset features 28-foot to 30-foot clear height, 12,000 amps of power, and a backup generator system.
Huberman also notes that industrial vacancy throughout North County remains at a record low, closing out the end of Q3 2018 at 5.9 percent and that “Vista has emerged as a high-tech production, manufacturing and R&D epicenter, attracting a diverse cluster of companies from across San Diego. This pent-up demand will continue to drive vacancy rates down, placing upward pressure on rental rates and adding to the long-term value of the asset.”
In addition, Huberman says the undeveloped acreage on the property will allow BLT to increase on-site parking or expand/reposition the existing facility, which would enhance the long-term value of the asset and increase NOI.
The statement also says Ron Jacobsen of SD Realty Partners represented BLT in the transaction, while Aric Starck of Cushman & Wakefield represented DENSO.