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Sale marks fourth highest price for South Coast commercial (non-hotel) property
Majestic Asset Management has purchased an 11.9-acre, six-building industrial /research and development campus in Goleta for $50.7 million.
The purchase was made during an off-market transaction. Majestic Asset Management is renaming the site Tech Park @ Engage.
The asset was part of a portfolio of commercial properties managed by The Towbes Group. The closing price of $50.7 million represents the fourth highest price on record for a commercial (non-hotel) property on the South Coast.
Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the buyer in the transaction.
“Majestic has become the most prominent value-add management firm on the South Coast,” Mr. DeJohn said in a statement. “It is always looking to invest in buildings and elevate them to top-quality projects. Majestic has changed the office/R&D landscape in Goleta, while facilitating the growth of the area’s tech, engineering, medical device and defense sector.”
Located at 315-346 Bollay Drive and 320-340 Storke Road, the 194,625 square-foot business park is prominently positioned near the corner of Storke Road and Hollister Avenue in Goleta’s bustling tech and engineering core. It has always been a multi-tenant project and is currently occupied by Lockheed Martin, Alcon Research, Electro Optical Industries, The Good Work Space, DeLabs and Santa Barbara Imaging Systems.
One of the buildings is currently available for lease. It was recently vacated by Inogen when the company expanded to the adjacent Cabrillo Business Park.
Inquiries regarding leasing the vacant building, which is at 326 Bollay Drive, should be directed to Francois DeJohn and Steve Hayes at Hayes Commercial Group.
An entity created by Michael Towbes, a local businessman and philanthropist, owned the 11.9-acre campus since 2000. Following Mr. Towbes’ death in April 2017, the Towbes estate sold three commercial assets in recent years, including the AppFolio campus at 50-90 Castilian Drive in 2019.
Consistent with Mr. Towbes’ long history of support for the community and philanthropic leadership, proceeds from the sale of these assets will benefit several prominent local nonprofits.
Based in Agoura Hills, Majestic Asset Management owns, develops and manages investment properties primarily in Santa Barbara, Ventura and Los Angeles counties. The company said its portfolio in the greater Santa Barbara area has included about 30 successful commercial and apartment properties.
After relatively slow office and industrial sales activity in 2021, Goleta has seen two substantial sales so far in 2022. Before this sale, 6500 Hollister Ave. was purchased by an investor for $21 million in January.
The Storke and Bollay transaction is the fourth largest commercial sale ever recorded on the South Coast after the sales of 3805 State St. for $63 million in 2021, 50-90 Castilian Drive for $61 million in 2020 and 1 & 71 S. Los Carneros Road for $53 million in 2006.
email: mmcmahon@newspress.com
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