Santa Monica-based developer BLT Enterprises has put a 9.3-acre industrial site near the city of Vernon up for sale.
The firm has listed the property at 2045 East Washington Boulevard — which currently has 54,560 square feet of rentable space — for $80 million, according to a listing on LoopNet. BLT Enterprises did not respond to a request for comment.
BLT has owned the property since 2002, when it purchased the site from Consolidated Freightways, a former freight service and logistics company that filed for bankruptcy the same year.
Fort Worth-based railroad operator BNSF Railway currently leases the site, using it as a railroad yard. The firm leases the site through August 2029.
BLT Enterprises currently rakes in $199,400 per month in rent from BNSF, according to marketing materials for the property. The rent is set to increase by 3 percent to around $205,400 in June of next year.
BNSF, which is owned by Berkshire Hathaway, also has an option to extend the lease for an additional ten years. Before BNSF leased the property in 2019, it was leased to FedEx.
Divesting this property won’t dilute BLT Enterprises’ status as a prominent industrial landlord. The firm owns over 30 industrial properties across Southern California, according to its website, including a 112,000-square-foot property in Santa Ana leased to FedEx.
Industrial properties in and around Vernon are a popular investment choice for industrial investors, given the proximity to Downtown Los Angeles, the ports and the 10 freeway.
A year ago, Rexford paid $93.8 million for a six-building portfolio in Vernon spanning 464,000 square feet.