CARPINTERIA, CA – Since it began relocating its headquarters to the Carpinteria bluffs three years ago, Procore Technologies has seen both its business and footprint grow dramatically. Since August of 2013, the construction management software company has signed eight leases and currently holds 145,000 sf of office and industrial space in Carpinteria.
Procore recently completed its largest transaction to date, a 35,504 sf office lease at 6303 Carpinteria Avenue, which was space relinquished by CKE Restaurants (Carl’s Jr.). In terms of square feet, this was the largest office lease completed in Carpinteria since 2002. Procore’s headquarters now consists of 96,766 sf in three buildings at the 6303-6309 Carpinteria Avenue campus, owned by Montana Avenue Capital Partners, LLC (MAC), a Santa Monica investment, management and development firm. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the landlord in this lease.
“Procore has found a good fit for its company culture at this property, one of the only ‘creative office’ campuses sitting directly on the California coastline,” DeJohn said. “Their expansion has been the largest contributor to the dramatic tightening of Carpinteria’s office market.” Carpinteria’s office vacancy rate has dropped from 14.6% at the end of 2014 to less than 1% currently.
The nine-acre property at 6303-6309 Carpinteria Ave was purchased by MAC in June 2015. Since then, DeJohn and Hayes have represented the ownership in leases totaling 88,461 sf, which has left the property fully leased with long-term tenants. At the same time, MAC has embarked on remodeling the 6303 and 6307 buildings, 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.
MAC also recently purchased the 8.63 acre site at 6380 Via Real in Carpinteria and has plans to develop a 79,000 sf office campus over the next 18 months. “This will be a very exciting opportunity for our growing local companies and will be the first office development in Carpinteria since 2001,” Hayes said.