Los Angeles – CBRE announced the sale of a 165,905 square-foot headquarters property in Goleta, Calif. to Shopoff Realty Investments and Praelium Commercial Real Estate for an undisclosed amount.
CBRE’s Sean Sullivan Mike Longo, Todd Tydlaska, and Will Pike, alongside Steve Hayes and Francois DeJohn of Hayes Commercial Group, represented the seller, a joint-venture between Montana Avenue Capital Partners (MAC) and Brasa Capital in the transaction.
The property, located at 50-90 Castilian Drive, includes the three-building headquarters of a publicly traded technology company specializing in a cloud-based business software solution.
“The tenant’s business showed strong growth through the quarantine months, providing confidence to the buyer regarding the tenant’s future at the property,” said Longo.
Goleta, a highly educated beachside community, is the center of a booming engineering and innovation cluster, which is home to such companies as Raytheon, Google, FLIR, Yardi Systems, Orbital ATK, and more than 100 defense contractors.
“The buildings and campus are spectacular and exactly what you expect from a growing software company that is continually recruiting tech talent,” said Sullivan. “While a relatively small market, pound for pound, Goleta has as much tech demand as anywhere in Southern California and, given the high cost of land and barriers to entry, it’s a very attractive place to invest.”
The sale represents MAC’s second significant recent sale in the Santa Barbara market in the past six months, the first being the disposition of “The Enclave” in Carpinteria, which the CBRE and Hayes team closed in July 2020.
“Although we elected to sell two of our southern California creative office campuses this year, we remain focused on making new investments in value-add and opportunistic real estate in California and across the country”, said Steve Elson, Managing Director at MAC which, during the month of December, also acquired three life-science, R&D, and studio properties."
About Montana Avenue Capital Partners, LLC
Montana Avenue Capital Partners, LLC (“MAC”) is a real estate investment, management, and development company headquartered in Los Angeles, California with a regional office in Scottsdale, Arizona. MAC manages real property investments in Arizona, California, and Massachusetts on behalf of high-net-worth individuals, family offices, and institutional investors, targeting attractive risk-adjusted returns. www.macpartnersllc.com
About Brasa Capital Management
Brasa Capital Management (http://www.brasacap.com) is a real estate investment manager based in Los Angeles. Brasa targets middle market commercial real estate investments in the Western US and Texas. The firm invests across the capital stack in diversified asset types. Brasa manages both commingled funds and separate accounts on behalf of institutional and high net worth investors.
About Hayes Commercial Group
Hayes Commercial Group is a commercial and investment real estate brokerage based in Santa Barbara, California and serving Santa Barbara County and adjacent counties since 1993. Hayes Commercial has led the Santa Barbara area market in transactions and gross consideration per broker for nearly ten years. The firm has earned a reputation for integrity and results by combining deep regional expertise with a unique collaborative team approach. Hayes Commercial Group's diverse client base includes local entrepreneurs, family ownership, institutional investors, and publicly traded corporations. www.hayescommercial.com
CBRE’s Sean Sullivan Mike Longo, Todd Tydlaska, and Will Pike, alongside Steve Hayes and Francois DeJohn of Hayes Commercial Group, represented the seller, a joint-venture between Montana Avenue Capital Partners (MAC) and Brasa Capital in the transaction.
The property, located at 50-90 Castilian Drive, includes the three-building headquarters of a publicly traded technology company specializing in a cloud-based business software solution.
“The tenant’s business showed strong growth through the quarantine months, providing confidence to the buyer regarding the tenant’s future at the property,” said Longo.
Goleta, a highly educated beachside community, is the center of a booming engineering and innovation cluster, which is home to such companies as Raytheon, Google, FLIR, Yardi Systems, Orbital ATK, and more than 100 defense contractors.
“The buildings and campus are spectacular and exactly what you expect from a growing software company that is continually recruiting tech talent,” said Sullivan. “While a relatively small market, pound for pound, Goleta has as much tech demand as anywhere in Southern California and, given the high cost of land and barriers to entry, it’s a very attractive place to invest.”
The sale represents MAC’s second significant recent sale in the Santa Barbara market in the past six months, the first being the disposition of “The Enclave” in Carpinteria, which the CBRE and Hayes team closed in July 2020.
“Although we elected to sell two of our southern California creative office campuses this year, we remain focused on making new investments in value-add and opportunistic real estate in California and across the country”, said Steve Elson, Managing Director at MAC which, during the month of December, also acquired three life-science, R&D, and studio properties."
About Montana Avenue Capital Partners, LLC
Montana Avenue Capital Partners, LLC (“MAC”) is a real estate investment, management, and development company headquartered in Los Angeles, California with a regional office in Scottsdale, Arizona. MAC manages real property investments in Arizona, California, and Massachusetts on behalf of high-net-worth individuals, family offices, and institutional investors, targeting attractive risk-adjusted returns. www.macpartnersllc.com
About Brasa Capital Management
Brasa Capital Management (http://www.brasacap.com) is a real estate investment manager based in Los Angeles. Brasa targets middle market commercial real estate investments in the Western US and Texas. The firm invests across the capital stack in diversified asset types. Brasa manages both commingled funds and separate accounts on behalf of institutional and high net worth investors.
About Hayes Commercial Group
Hayes Commercial Group is a commercial and investment real estate brokerage based in Santa Barbara, California and serving Santa Barbara County and adjacent counties since 1993. Hayes Commercial has led the Santa Barbara area market in transactions and gross consideration per broker for nearly ten years. The firm has earned a reputation for integrity and results by combining deep regional expertise with a unique collaborative team approach. Hayes Commercial Group's diverse client base includes local entrepreneurs, family ownership, institutional investors, and publicly traded corporations. www.hayescommercial.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
