Goleta industrial building sold to local investors

Once home to Raytheon, the industrial/R&D building at 5756 Thornwood Dr in Goleta has been purchased by a local investor for $2,815,000. The 20,800 SF building was originally developed as a six-tenant industrial/office property but has served as a single-tenant R&D/production facility for the past 20 years. Currently occupied by FLIR Commercial Vision, the building’s previous tenants included Indigo Systems, Amber Engineering and Raytheon. The existing layout comprises approximately 20% office and 80% industrial/production and clean room.

The sellers – Parrish Trust, James Knight and Alcor Enterprises – owned the property for 20 years and were represented by Greg Bartholomew of Hayes Commercial Group. Bob Tuler of Radius Group represented the buyer, Richard and Candice Doolittle. After FLIR vacates the building at the end of 2015, the buyer plans to remodel the building for new tenants.

Including this transaction, Goleta has seen $142 million in commercial and hotel property sales in 2014 YTD, which represents a 38% increase in dollar volume compared to the average for the prior five years.