News Release: BLT Enterprises sells medical R&D facility in Orange County for $13.7 million

The firm originally acquired the asset for $7.8M in 2016 as part of a four-building portfolio

BLT Enterprises has sold a 41,519 square-foot medical R&D/office asset in Aliso Viejo, California for $13.7 million. The building is fully-leased to Ambry Genetics, a leading provider of clinical diagnostics testing services for genetic diseases.

 

BLT Enterprises, a multi-faceted real estate investment company based in Santa Monica, California, has sold a 41,519 square-foot medical R&D/office asset in Aliso Viejo, California for $13.7 million. The building is fully-leased to Ambry Genetics, a leading provider of clinical diagnostics testing services for genetic diseases.

“We secured an excellent deal in 2016 that involved purchasing the asset as a part of a portfolio of four Orange County properties,” explains Bernard Huberman, Founder & President of BLT Enterprises. “In the 18 months we held the asset, we were able to nearly double our initial investment in the building.”

BLT implemented renovations to the building’s roof and parking lot in order to increase the value and appeal of the property, notes Huberman.

“We are proud to be able to have a strong profit on our sale, while also providing the buyer with a strong investment potential for the future. We chose to pursue the sale at this time to focus on our niche of industrial, flex, and office properties across Southern California,” Huberman says. “Ambry Genetics has occupied the building as the sole tenant since 2011. The asset’s scheduled rent is currently below market value, with a significant upside at the end of the lease term.”

According to Huberman, Ambry Genetics was acquired for $1 billion in October 2017 by Konica Minolta, a publicly-traded Japanese technology company with offices in more than 49 countries. Konica Minolta plans to maintain Ambry Genetics’ current name and headquarters at the property.

“The acquisition of Ambry Genetics by Konica Minolta ensures that the buyer will have a long-term, credit tenant,” Huberman continues. “The steady income stream the tenant provides, along with the asset’s central location in Orange County’s Aliso Viejo submarket, made this an ideal time to sell and provided a strong return-on-investment despite our brief hold.”

The property is located at 15 Argonaut in Aliso Viejo, California. BLT acquired the asset from Cordia Capital Management in 2016.

Kurt Bruggeman and Ryan Swanson of Lee & Associates represented BLT Enterprises as the seller. Patrick Barnes of Colliers International represented the buyer, which included multiple Sherry Family Trusts, in this transaction.

About BLT Enterprises

Headquartered in Santa Monica, Calif., BLT Enterprises was founded in 1984 and is a multi-faceted real estate investment company with an exceptional track record of success in industrial and commercial real estate. The firm has developed or acquired more than $2 billion in assets to date.

BLT Enterprises specializes in the acquisition, entitlement, development, operation, and property management of industrial, office, retail, mixed-use and special-use properties.

Contact:

Katie Clendening / Elisabeth Manville
Brower, Miller & Cole
(949) 955-7940
kclendening@browermillercole.com

The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE

Existing Users Log In