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3/21/22
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Majestic Asset Management purchased a six-building, 194.6k sf industrial / R&D campus on 11.9 acres in Goleta for $50.7 mil ($260.50/sf) in in an off-market transaction. The asset was part of a portfolio of commercial properties managed by The Towbes Group.
Located at 315-346 Bollay Dr and 320-340 Stork Rd, the business park is prominently positioned near the corner of Storke and Hollister in Goleta’s bustling tech and engineering core. Majestic is renaming the campus Tech Park @ Engage.
The property has always been a multi-tenant project and is currently occupied by Lockheed Martin, Alcon Research, Electro Optical Industries, The Good Work Space, DeLabs, and Santa Barbara Imaging Systems. One of the buildings is currently available for lease, recently vacated by Inogen when they expanded to the adjacent Cabrillo Business Park.
An entity created by Michael Towbes, a local businessman and philanthropist, owned the property since 2000. Following Mr. Towbes’ passing in April 2017, the Towbes estate sold three commercial assets in recent years, including the AppFolio campus at 50-90 Castilian Dr, in 2019. Consistent with Mr. Towbes’ long history of support for the community and philanthropic leadership, proceeds from the sale of these assets will benefit several prominent local non-profit organizations.
Francois DeJohn and Steve Hayes of Hayes Commercial Group represented Majestic in the transaction. Majestic was Goleta’s busiest landlord in 2021, signing 13 leases that comprised 65% of the total square footage leased.
This purchase marks Majestic’s fifth significant acquisition in the Goleta market since 2018. We’re told the transaction represents the fourth highest price on record for a commercial (non-hotel) property on the south coast of Santa Barbara County.
“Majestic has become the most prominent value-add management firm on the South Coast,” DeJohn said. “They are always looking to invest in buildings and elevate them to top-quality projects. Majestic has changed the office/R&D landscape in Goleta, while facilitating the growth of the area’s tech, engineering, medical device, and defense sector.”
Based in Agoura Hills, Majestic Asset Management owns, develops and manages investment property primarily in Los Angeles, Ventura, and Santa Barbara counties. Their portfolio in the greater Santa Barbara area has included about 30 successful commercial and apartment properties, in addition to their portfolio in other regions.
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