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2/25/19
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An 83.5k sf building located at 600 Pine Ave in Goleta was acquired by a local buyer. The building is fully leased by Northrop Grumman Innvation Systems (formerly Orbital ATK) until 2025. Although we don’t have the final sales price, we do know that the property was listed for $22.95 mil ($275/sf).
Alliant Techsystems (ATK) leased space at 600 Pine Ave in 2004. In 2010, the property owners constructed an adjoining high-bay structure of approximately 24k sf as part of a 15-year lease renewal agreement with ATK. Five years later, Orbital ATK was formed by the merger of Orbital Sciences Corporation and ATK. In June of 2018, aerospace and defense giant Northrop Grumman acquired Orbital ATK for $9.2 bil and converted it into a new division called Northrop Grumman Innovation Systems.
The facility is built on a 6.58-acre parcel and includes a mix of office space, lab space, low-bay clean area, and high-bay clean area. Solar arrays assembled by Orbital ATK in the clean areas are currently on Mars, deployed on NASA’s InSight rover which launched in May 2018 and reached Mars in November.
Steve Hayes and Francois DeJohn of Hayes Commercial Group represented the seller in the deal. Caitlin McCahill Hensel and Kristopher Roth, also with Hayes, repped the buyer.
Hayes has a long history with 600 Pine Ave, having brokered the last three sales of the property, beginning with his represention of the buyer when Mentor Corporation sold the building to Bermant Development in 1990. Hayes and DeJohn then represented all parties when Bermant Development sold the property to a local investment group in 2008.
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