GOLETA – Majestic Asset Management, Inc has purchased two office/R&D buildings on adjacent parcels in Goleta for $24.25 million. The buildings total 133,299 square feet on 8.17 acres.
Based in Agoura Hills, Majestic Asset Management manages, owns and develops investment property primarily in Los Angeles, Ventura, and Santa Barbara counties. They own and operate 15 successful commercial and apartment properties in the greater Santa Barbara area, in addition to their portfolio in other regions.
Located at 125 and 175 Cremona Dr, near the intersection of Hollister Avenue and Los Carneros Road, the buildings are central to Goleta’s desirable and flourishing Hollister Avenue corridor.
“Majestic saw an opportunity to acquire buildings in a great location with potential to add value,” DeJohn said. “Goleta’s office/R&D market is booming right now, and Majestic is playing a significant role in that trend.”
Medtronic occupied 125 Cremona Dr for more than 30 years but vacated the 82,132 square-foot building in October 2019. Majestic Asset Management will improve the property with modern indoor and outdoor amenities to attract tech, defense, and bioscience tenants.
The neighboring building at 175 Cremona Dr was once occupied by Karl Storz Imaging but has since been remodeled and leased to multiple tenants, including Resonant, Surgical Eye Expeditions International, and Ricardo Defense.
Majestic Asset Management and Hayes Commercial commenced marketing the vacant space for lease. A lease for about 20,000/SF has already been executed and they are negotiating terms on an additional 40,000/SF. Majestic is well known for providing quality projects which is increasing demand.