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12/23/20
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Majestic Asset Management Inc recently purchased 120 Cremona Drive, a 58k sf, multi-tenant office/R&D building in Goleta, for $13.125 mil in an off-market transaction. The seller was EastGroup Properties.
Centrally located in the burgeoning Hollister Avenue business corridor, 120 Cremona Drive is adjacent to two Majestic-owned properties at 125 and 175 Cremona Drive, creating a combined campus of 191k sf on just over 11 acres.
Francois DeJohn and Steve Hayes of Hayes Commercial Group represented all parties in the sale. Approximately 10% of the building is vacant, with Majestic Asset Management and Hayes Commercial marketing the space for lease.
Based in Agoura Hills, Majestic Asset Management manages, owns and develops investment property primarily in Los Angeles, Ventura, and Santa Barbara counties. In 2020 alone, Majestic completed six sale transactions totaling more than $47 mil in Goleta.
“The was a great opportunity for Majestic to expand and brand an office/R&D campus in a prime location,” DeJohn said. “Majestic always looks to add value and will improve the property with modern indoor and outdoor amenities to attract tech, defense, and bioscience tenants.”
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