GOLETA, CA-An investment group led by Hank Hurst has closed on one of the largest Santa Barbara commercial deals in history, with Radius Group Commercial Real Estate brokering the deal. The investors acquired the office and R&D portions of the Campus Pointe development for an undisclosed price, although the buildings were on the market at an asking price of approximately $55 million.
The two buildings are 1 S. Los Carneros and 71 S. Los Carneros in Goleta. The 1 S. Los Carneros property is a 102,925-sf office building located on 10.31 acres and master leased to Santa Barbara Bank and Trust. The 71 S. Los Carneros address is a 105,275-sf office and R&D building located on 6.98 acres and master leased to the recently merged entity of Inamed/Allergan.
The seller, 1-71 Los Carneros LLC, was represented by Paul Gamberdella of Radius Group Commercial Real Estate and Ed DeLacy of CB Richard Ellis. The investment group headed by Hurst that bought the buildings was represented by Bob Tuler, Steve Brown and Steve Golis of Radius Group.
According to Gamberdella, the key to the transaction for the seller was "identifying a buyer who not only had an appreciation for this irreplaceable real estate, leased to two of the area's top tenants, but also the financial capability to make a deal of this size." Tuler, who is princpal and co-founder at Radius Group, comments that the deal illustrates the continued strong demand that investors have for premium Santa Barbara properties.
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