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3/26/26
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Praelium Commercial Real Estate, Blackbird Investment Group and H.I.G. Capital have teamed up in the $235 mil acquisition of a five-property, 733.5k sf portfolio of deep technology and R&D properties in Santa Barbara. The purchased was financed with a loan for $192 mil.
Photo: Praelium Commercial Real Estate, Blackbird Investment Group and H.I.G. Capital |
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Located in Goleta, CA, the properties have highly specialized infrastructure, including sonar testing tanks, vibration isolation platforms, clean rooms, wet labs and boom ovens for solar arrays. The campus-style properties are 95% leased to tenants in advanced technology, aerospace and defense, life sciences and manufacturing-related sectors.
The portfolio is situated in Santa Barbara’s R&D ecosystem and is 2.5 miles from the University of California, Santa Barbara and major employers in tech, government and aerospace industries.
In the acquisition, the buyers were led by in-house execs Adam Belfer with H.I.G. Capital, Scott San Filippo of Praelium Commercial Real Estate and Greg Adler with Blackbird Investment Group. Colliers’ Sean Fulp, Michael Kendall, Mark Schuessler, Gian Bruno, Kenny Patricia and Blake Hammerstein represented the seller in the transaction. Hayes Commercial Group’s Francois DeJohn and Caitlin Hensel served as local market specialists.
Brad Zampa and Mike Walker on CBRE’s Debt & Structured Finance team in San Francisco arranged the five-year, floating-rate loan from Starwood Mortgage Trust.
“The Santa Barbara market continues to attract institutional capital, particularly for well leased R&D assets with long term tenant demand drivers. While debt markets remain selective, lenders are actively pursuing high quality assets in supply constrained markets, and we’re seeing consistent availability of capital for larger transactions with institutional sponsorship and improving market fundamentals,” said Zampa, executive vice president at CBRE.
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