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2/05/10
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FLIR Systems Inc has acquired two Goleta, CA buildings totaling 170k sf in what we’re told is the largest owner/occupied purchase ever in CA’s South Coast region, based on both size and price. The two facilities, a 120k sf, low-rise R&D building and a 50k sf office building, are fully leased by Dupont. They were purchased from SARES•REGIS Group in a cash transaction.
The two buildings, located in SARES•REGIS Group’s expanding Cabrillo Business Park, will enable Portland, OR-based FLIR to further expand its Commercial Systems Division’s central California operations. The NASDAQ-traded company is a leading designer and maker of thermal imaging devices for commercial and military applications.
The two buildings, located at 6769 and 6775 Hollister Ave, can accommodate up to 510 workers and are among six existing buildings totaling 320k sf of office and research and development facilities in the 92-acre Cabrillo Business Park. Dupont’s leases are due to expire in 2014. Other companies in Cabrillo Business Park include Northrop, Raytheon, General Electric, Safe Labs and Sientra.
FLIR’s local operations include engineering, product design, development, fabrication, manufacturing, assembly and sales and marketing of thermal cameras and imaging products for security, first-responder, automotive, marine, personal night vision, diagnostics and R&D uses.
FLIR and SARES•REGIS Group were represented by Mark Mattingly of Pacifica Commercial Realty in Santa Barbara. The price was not disclosed. According to Mattingly, the previous record for an owner-occupied transaction for the South Coast region of California was a 60k sf build-to-suit purchase in 2007 by Yardi Systems in Goleta. The region covers the area starting just above Ventura and extending north past Carpinteria and Santa Barbara.
SARES•REGIS Group also recently broke ground within the business park on a new 14-acre phase slated to contain 264.5k sf of new commercial buildings. Cabrillo Business Park is planned for nine new two-story office buildings up to 80k sf, two retail buildings and three self-storage facilities. Forty-six percent of the site will remain as natural or landscaped open space. It will include 19 acres of restored and expanded wetlands and grasslands with publicly accessible trails. Cabrillo Business Park is adjacent to the Santa Barbara Municipal Airport and near the campus of UCSB.
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