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12/28/18
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RAF Pacifica has purchased five parcels of fully entitled commercial land totaling approximately 11.36 acres at the Cabrillo Business Park near the Santa Barbara Municipal Airport in Goleta. The Cabrillo Business Park is home to the headquarters of footwear manufacturer Deckers Brands, as well as FLIR, UCSB, Ergomotion and Texas Instruments.
The contiguous parcels, located on Coromar Dr near Hollister Ave and Los Carneros Rd, will accommodate four single-story flex/R&D buildings and one two-story office building ranging in size from roughly 16.8k sf to 44.9k sf. Combined, the buildings at the new development will contain about 145k sf of premium flex/R&D and office space.
Although the actual sales price was not disclosed, the parcels were listed at a combined $26.07 mil. In terms of price, it is the highest-value purchase of commercial land on the South Coast in more than 10 years.
With this deal, Sares-Regis has sold its last entitled lots at Cabrillo Business Park. Sares-Regis purchased the land for the 92-acre project in 1998, developed a master-plan and pursued entitlements to create the largest business park of its kind between Los Angeles and San Jose.
Paul Gamberdella, Bob Tuler and Gene Deering of Radius Commercial Real Estate represented Sares-Regis Group. Christos Celmayster of Hayes Commercial Group repped RAF Pacifica Group.
RAF Pacifica Group intends to begin construction of the four flex/R&D buildings in early 2019 with delivery by fall of 2020. The new buildings will be marketed for lease by Celmayster and Francois DeJohn, also of Hayes Commercial. DeJohn is also currently marketing another entitled commercial parcel for sale in the park at 6701 Hollister Ave.
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