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9/14/18
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Majestic Asset Management Inc has purchased a three-building, 124.8k sf commercial property in Goleta for $16.5 mil ($132/sf). Majestic plans to improve and reposition the asset, situated on 5.6 acres at 839-879 Ward Dr.
The property was vacated in 2016 by Channel Industries Inc, which had occupied the site since original construction in the 1960’s. Recent leases by Gavial Holdings, Sonatech, and Reaction35 have backfilled a portion of the property with about half of the rentable space remaining vacant.
Located on the eastern border of Goleta, the site is convenient to Santa Barbara, UCSB, and the Santa Barbara Airport. Majestic Asset Management will vastly improve the warehouse, R&D and office space with modern indoor and outdoor amenities creating a campus environment to attract tech, defense, and bioscience tenants.
Francois DeJohn, Steve Hayes and Liam Murphy with Hayes Commercial Group represented both parties in the sale transaction. Based in Agoura Hills, Majestic Asset Management manages, owns and develops investment property primarily in Los Angeles, Ventura, and Santa Barbara counties. Majestic and Hayes Commercial will begin marketing the vacant space for lease right away, allowing tenants to have input into the buildout to meet their specific needs.
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