ORANGE COUNTY, Calif., (June 13, 2016) – BLT Enterprises, a multi-faceted commercial real estate investment company, has acquired a four-building office, flex and industrial portfolio encompassing 170,447 square feet and spanning four Orange County cities from Cordia Capital Management, a leading private real estate investment firm based in Los Angeles.
Cordia has a long history of investing in the Orange County market and has accumulated a significant portfolio comprised of institutional quality office, retail, industrial and multifamily assets throughout California and the Western United States.
“We are pleased to make the sale at a time when capital markets are favorable to us and look forward to reinvesting the proceeds into strategic opportunities elsewhere,” says Katie Kalvoda, Chief Investment Officer of Cordia Capital Management.
BLT acquired the portfolio for $28 million or $164 per square foot. The assets, which encompass an estimated total of 11.19 acres, are 100 percent occupied and strategically located in growing infill markets with immediate access to major Southern California freeways, according to Bernard Huberman, Founder and President of BLT Enterprises.
“The Orange County market is primed for long-term economic growth, and we see a significant opportunity for value creation here,” Huberman says. “This diverse portfolio is well-aligned with BLT Enterprises’ strategy to acquire and develop properties in prime locations near major transit corridors.”
BLT focuses on long-term holds and active asset management, according to Huberman, who notes that the firm employs a “lifetime landlord” approach to each of its owned assets.
“As an owner, we focus on relationships,” Huberman says. “We remain flexible with tenant needs, and work to ensure that companies that lease with BLT want to lease with us forever. That focus will remain a top priority in these Orange County assets.”
According to Robert Vincent, Asset Manager at Cordia Capital Management, the four-building portfolio is currently leased to large national companies including Securitas Security Services USA, which is publicly traded with annual revenues of $4.3 billion, as well as Ambry Genetics, Compass Group USA, and Exhibitree.
“Our ability to attract and retain these high caliber tenants created a strong opportunity to capitalize on growing investor demand for quality, stabilized product in this region,” says Nick Nikoghosyan, Vice President of Investments and Portfolio Management at Cordia.
During its three decades of ownership, Cordia has seen the Orange County market evolve from agricultural fields and nascent beach towns to become a robust driver of the Southern California economy. At the helm of Cordia Capital Management, Chief Investment Officer, Katie Kalvoda, recounts, “We were early investors in Orange County. Even during the worst cycles of the last 30 years, Cordia has been able to maintain our competitive advantage and achieve 100% occupancy. This transaction is an example of our ability to be a leader in identifying growth markets and generating superior long term returns.”
The transaction was brokered by Kurt Bruggeman and Ryan Swanson of Lee & Associates, who represented BLT Enterprises as the buyer, and Jeff Chiate, Jeff Cole and their team at Cushman & Wakefield, who represented Cordia Capital Management as the seller. The four-building portfolio acquisition includes:
- Industrial Property in Irvine, California
Located at 9700 Toledo Way in Irvine, California, this 73,066 square-foot industrial building is situated in between the I-5 and I-405 freeways. It encompasses open ceiling systems with approximately 24-foot clear heights. The building is currently occupied by Exhibitree, a custom design and fabrication builder of trade show exhibits, displays and booths with major clients in the entertainment industry.
- Industrial Property in Garden Grove, California
Situated approximately one and half miles from the I-22 and three miles from the I-405, this 47,662 square-foot industrial building is equipped with standard commercial grade fixtures and 24-foot clear heights. The property is currently occupied by Compass Group USA, a leading food service management and services company. The asset is located at 12640 Knott Street in Garden Grove, California.
- Office/Flex Building in Aliso Viejo, California
Constructed in 1989, this 41,519 square-foot office/flex building is located in close proximity to the San Joaquin Hills Transportation Corridor 73 toll road and the I-5 freeway. Ambry Genetics, a genetics based healthcare company, currently occupies the building. The property is located at 15 Argonaut in Aliso Viejo, California.
- Office Building in Anaheim, California
Constructed in 1990, this 8,200 square-foot office building is located in a prime location in Anaheim less than a mile from the I-5 and I-57 freeways. The property is occupied by Securitas Security Services USA and is located at 2100 S. State College Boulevard in Anaheim, California.
About Cordia Capital Management
Headquartered in El Segundo, Calif., Cordia Capital Management is a real estate investment firm that focuses on the acquisition and management of complex real estate investments. The firm applies a comprehensive management approach to optimize returns and performance of each of its assets throughout the entire life cycle of an investment.
Cordia Capital Management is seasoned in all aspects of real estate investment including acquisitions and dispositions, repositioning, asset management, and financing.
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.