(To read more on the industrial market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.