Q4 leases fill CKE campus in Carpinteria

CARPINTERIA, CA – Two fourth quarter leases at 6307 Carpinteria Ave have left the 119,695 square-foot office campus, also home to CKE Restaurants (Carl’s Jr.), fully leased. The nine-acre oceanfront property at 6303-6309 Carpinteria Ave was purchased in June 2015 by Montana Avenue Capital Partners (MAC), a Santa Monica investment, management and development firm.

MAC purchased the property despite 47,381 square feet of vacancy. The new owners tasked Francois DeJohn and Steve Hayes of Hayes Commercial Group with finding tenants to fill the property.

In November, cloud software firm Procore leased 28,310-square-feet to accommodate its rapid growth. Already headquartered in two buildings on the same campus, the company now occupies 61,079 square feet there.

“Procore is one of our area’s fastest-growing companies and actually doubled their total office footprint in 2015,” DeJohn said. “They have found a good fit for their company culture at this property, one of just a few oceanfront office campuses on the California coast.”

The balance of the building, 19,071 square feet, was leased by an unnamed tenant in December.

MAC is completing upgrades inside and out, including facades, patio areas, glass roll-up doors, EV charging stations, and exposed ceilings. PK Architecture of Agoura Hills is the architect on the project.

Carpinteria’s office market saw more than 87,000 square feet of leasing activity in 2015. The vacancy rate has dropped from 14.6% at the end of 2014 to approximately 3%, and leases currently under negotiation could reduce the vacancy rate to 1% or less in early 2016.