Investor buys former Raytheon office building

Serious money continues to make its way into the Goleta area, as evidenced by the purchase of an office building by an unnamed investor in what deal makers claim is the largest transaction of its type this year. Tight-lipped commercial real estate brokers, who announced the deal late Thursday, would not disclose the names of buyers, sellers or the amount paid for the 102,000-square-foot building at 1 S. Los Carneros Road.

Previously owned by Raytheon, the building was purchased in an off-market deal “by an owner-user,” according to the Hayes Commercial Group, which represented the buyer.

“Although the sale price has not been disclosed, it is the highest value commercial sale to date in 2014 for the south coast of Santa Barbara County and the highest value Goleta office property sale in eight years,” according to a statement from Hayes.

Francois DeJohn and Steve Hayes of Hayes represented the buyer. Mike Catalano of Studley represented the seller.

The deal marks the fourth major office property sold in Goleta in the past nine months in the high-tech corridor.

They include the $13.9 million sale of 6550 Hollister Ave. three weeks ago; the $20.4 million sale of 6500 Hollister Ave in January; and the $19.7 million sale of 7414-7418 Hollister Ave. in September 2013. Software firm Citrix Online was the buyer in the September 2013 transaction; it had been a tenant in that location for several years.

Located in the Campus Pointe complex, the Los Carneros Road building was built by Raytheon for its own use. In fact, Hayes brokered the sale of the property by Raytheon as part of a $41 million transaction in 1998.

In addition to Raytheon, tenants at the site have included Santa Barbara Bank & Trust/Union Bank, Allergan and Brown & Brown Insurance.

The most recent data on the Santa Barbara County assessor’s office website lists the primary owner as VI Investments LP. The county calculated an assessed value for the property totaling $30 million, which doesn’t necessarily reflect its sales price.