Majestic Asset Management Inc. purchased two research and development office buildings neighboring parcels in Goleta for $24.25 million.
The Agoura Hills-based company owns and develops investment properties primarily in Los Angeles, Ventura and Santa Barbara counties.
Located at 125 and 175 Cremona Drive near the intersection of Hollister Avenue and Los Carneros Road, the 133,299-square-foot buildings are spread out over 8.17 acres.
Francois DeJohn and Steve Hayes of Hayes Commercial Group represented all parties in the transactions.
“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.”
One of the buildings was previously occupied by Medtronic, 125 Cremona Drive. Medtronic will vacate the 82,132-square-foot building in February, according to a news release. Majestic Asset Management has leaseed approximately 20,000 square feet of that site and is negotiating terms on an additional 40,000 square feet.
The neighboring building at 175 Cremona Drive was once occupied by Karl Storz Imaging but since has been remodeled and leased to multiple tenants, including Resonant, Surgical Eye Expeditions International and Ricardo Defense.