GOLETA, CA – A three-building, 66,384 square-foot office/R&D/industrial campus in Goleta was recently purchased in an off-market transaction by Majestic Asset Management. The asset was part of a portfolio of commercial properties managed by The Towbes Group. The closing price was not disclosed.
Goleta leasing activity has remained steady even during the pandemic with Amazon, Microsoft, Google and other household names all active in the market.
Greg Bartholomew, Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the seller in the transaction. DeJohn and Hayes also represented the buyer.
Located at 110, 130 & 150 Castilian Dr, the 4.07-acre business park is prominently positioned on the corner of Los Carneros Road and Castilian Drive in the center of Goleta’s bustling tech and engineering corridor. It has always been a multi-tenant project, occupied over the years by Resonant Wireless, Rock West Composites, InTouch Health, UCSB, Mechanics Bank, and Cisco Systems, among many others.
“Majestic is known in the area as a proactive management firm, always looking improve their buildings to provide first class projects,” DeJohn said. “When a tenant renews its lease or a new tenant is coming in, Majestic see that as an opportunity to make the building better.”
Based in Agoura Hills, Majestic Asset Management owns, develops and manages investment property primarily in Los Angeles, Ventura, and Santa Barbara counties. Their portfolio in the greater Santa Barbara area has included about 28 successful commercial and apartment properties, in addition to their portfolio in other regions.
“Majestic has become a real force in South Coast commercial real estate in recent years, particularly in Goleta,” DeJohn said. “They have an impressive track record of adding value to properties, and they have contributed directly to Goleta’s recovery from double-digit office vacancy.”
An investment team affiliated with The Towbes Group owned the property from the time it was built in 1997 until this sale. Towbes also sold the adjacent campus, 50-90 Castilian Dr, in 2019. The proceeds from these sales have been passed on to local beneficiaries, including several local charities.