A Kearny Mesa research and development/flex building has been acquired by the San Diego Unified School District for $18 million.
The 54,000 square-foot building at 5454 Ruffin Road was extensively renovated prior to sale by BLT Enterprises, which bought the building in 2017.
The renovation work included removing about 23,000 square feet of office space that was added in the late 1980s, bringing the building back to its original size.
“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,” said Bernard Huberman, founder and president of BLT Enterprises.
In addition to removing the office space, BLT Enterprises added outdoor amenity space, a new lobby, skylights, dual pane energy efficient glazing and LED lighting.
“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 said.
Ron Jacobson of SD Realty Partners and Brad Black and Chris Pascale of CBRE represented BLT Enterprises in the transaction.
Tom Mercer of Colliers International represented the school district.