GOLETA — Majestic Asset Management sold an industrial building in Goleta to a local investor last week.
The property sold was 5511 Ekwill St., an 11,200 square-foot building on a one-acre parcel off of Ward Drive. The sale was an off-market transaction and marked Majestic’s second sale at this project in the past three months, with another in escrow to sell. The fourth and final remaining building is being marketed by Hayes Commercial Group, according to officials.
The closing price of the building was not disclosed.
“Majestic purchased this campus 10 year ago as a value-add project,” Francois DeJohn, one of three members of Hayes Commercial Group that represented Majestic in the sale, said in a news release. “Under their ownership, the property has appreciated even better than expected, and Majestic decided to sell the buildings individually to fund new projects on the South Coast.”
Gene Deering of Radius Group represented the buyer.
Majestic Asset Management, based in Agoura Hills, manages, owns and develops investment property in Santa Barbara, Ventura and Los Angeles counties. Its portfolio has included about 22 commercial and apartment properties, as well as properties in other regions.
The COVID-19 pandemic has impacted commercial property sales throughout the South Coast, contributing to a drop in dollar volume of approximately 40% compared to the prior five-year average.
“Completing sales has been challenging during the pandemic,” Liam Murphy, of Hayes Commercial Group, said in a news release. “But there is still a decent level of demand for well positioned buildings. In this case the buyer was an investor pursuing a 1031 Exchange who wanted to acquire a fully leased building.”
— Mitchell White
