GOLETA — Majestic Asset Management, Inc. recently purchased a 58,000 square-foot office building in Goleta in an off-market transaction.
The seller of the property, at 120 Cremona Drive, was EastGroup Properties. The closing price was $13.125 million, according to a news release.
Located in the Hollister Avenue business corridor, the building is adjacent to two other properties owned by Majestic, including 125 and 175 Cremona Drive. Combined with the other two campuses, Majestic now has a total of 191,000 square feet on approximately 11.1 acres, officials said.
Francois DeJohn and Steve Hayes, of Hayes Commercial Group, represented all parties in the sale.
Based in Agoura Hills, Majestic Asset Management manages, owns and develops investment property primarily in Santa Barbara, Los Angeles and Ventura counties. Its portfolio in the greater Santa Barbara area has included about 22 successful commercial and apartment properties, in addition to their portfolio in other regions. In 2020 alone, Majestic completed six sale transactions totaling more than $47 million in Goleta.
“The (purchase) was a great opportunity for Majestic to expand and brand an office/R&D campus in a prime location,” Mr. DeJohn said in a statement. “Majestic always looks to add value and will improve the property with modern indoor and outdoor amenities to attract tech, defense, and bioscience tenants.”
Approximately 10% of the building is vacant, and Majestic Asset Management and Hayes Commercial are marketing the space for lease, allowing tenants to have input regarding the buildout to meet their specific needs.
— Mitchell White