GOLETA — Majestic Asset Management purchased a 175,211 square-foot office campus in Goleta last week.
Located at 7414-7418 Hollister Ave., the three-building, 14.6-acre campus has primarily been occupied by software companies over the years, such as Citrix Systems. The off-market transaction was purchased in all-cash with an escrow of approximately two weeks. The closing price was not disclosed, according to officials.
Francois DeJohn and Steve Hayes of Hayes Commercial Group represented Majestic Asset Management in the transaction.
Two of the buildings are “Class A” creative offices with state-of-the-art finishes. The third building is in shell condition and features dock-high loading and ceiling heights approaching 40 feet. All three buildings are being marketed for lease by Hayes Commercial Group.
Based in Agoura Hills, Majestic Asset Management owns, develops and manages investment property primarily in Santa Barbara, Los Angeles and Ventura counties. Their portfolio in the greater Santa Barbara area has included about 25 successful commercial and apartment properties, in addition to their portfolio in other regions.
“Majestic has become a real force in South Coast commercial real estate in recent years, particularly in Goleta,” Mr. DeJohn said. “They have an impressive track record of adding value to properties, and they have contributed directly to Goleta’s recovery from double-digit office vacancy.”
The COVID-19 pandemic has taken a toll on commercial property sales throughout the South Coast, contributing to a drop in dollar volume of approximately 35%, compared to the prior five-year average. However, there have been two purchases of office properties larger than 100,000 square feet by investors during the pandemic, including 7414-7418 Hollister Ave in Goleta and the Procore campus in Carpinteria.
— Mitchell White