East Coast Investors buy $20M property in Goleta

The two-story property at 301 Mentor Drive, near Goleta Valley Cottage Hospital, is fully leased by Mentor Worldwide and Tetra Tech.

“It’s not often that a fully leased investment property of this quality becomes available for sale,” Francois DeJohn, a broker with Hayes Commercial Group who represented both buyer and seller in the deal, said in a news release.

Hayes did not disclose the name of the buyer, based on the East Coast.

“A Class A building with high-quality tenants next to a hospital will always be a very desirable asset, regardless of the market,” Hayes partner Steve Hayes noted. “In fact, the response to this offering was immediate.”

The property was built by Bermant Development Co. in 1999 on 5.3 acres near the intersection of Hollister and Patterson avenues in Goleta. The entire building is now leased by Mentor Worldwide, a medical products subsidiary of Johnson & Johnson.

Mentor subleases 12,000 square feet of the building to Tetra Tech, an engineering consulting firm with about 130 employees.