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2/04/20
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An affiliate of Montana Avenue Capital Partners, LLC (MAC) purchased Castilian Technical Center, a three-building, 165.5k sf campus at 50, 70, and 90 Castilian Drive in Goleta, for $35.7 mil ($216/sf).
The property covers almost 11 acres of land near the intersection of Hollister Ave and Los Carneros Rd. The buildings are central to Goleta’s desirable and flourishing Hollister Avenue corridor, home to LogMeIn, Deckers, and most recently, Google.
The campus is currently 100% leased to AppFolio Inc, a leading provider of cloud-based business software and services for the real estate and legal industries. AppFolio began leasing space at this site in 2011, starting in 50 Castilian Drive, then expanding into 90 Castilian Drive in 2015, and finally leasing the balance of the campus in 2018.
Francois DeJohn, Steve Hayes, and Greg Bartholomew of Hayes Commercial Group represented the seller, Towbes Group. The campus had been part of the Towbes Group portfolio for decades.
DeJohn and Hayes also repped MAC in the transaction.
“Montana Avenue Capital specializes in institutional-scale assets serving technology, media, and bioscience tenants,” Hayes said. “A campus of this size—fully leased to a successful and growing public company like AppFolio—is a great fit for them.” For MAC, a real estate investment, management, and development company headquartered in L.A., this deal marks their first acquisition in Goleta and complements their existing portfolio of properties along the coast in Carpinteria.
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