The 29-acre hilltop Summerland property formerly used as QAD Inc. headquarters was recently purchased by UC Investments, part of the University of California system. 

The 100 Innovation Place property sale was confirmed in news reports and a deed filed with the Santa Barbara County Clerk-Recorder on June 24.

The Pacific Coast Business Times reported that UC Investments purchased the property for approximately $104 million.

UC Santa Barbara media relations manager Kiki Reyes confirmed that UC Investments bought the property as an investment, but neither she nor representatives from the University of California Office of the President provided any other comment on the purchase. 

It was previously owned by manufacturing software company QAD Inc., which has more than a dozen offices around the world.

The property, which overlooks Highway 101 and the ocean from Ortega Ridge, was on the market since at least May, as the software company plans to move to a smaller headquarters in Santa Barbara with its employees working from home more often and embracing a “virtual-first” approach, according to company statements. 

It is currently unknown how the University of California plans to use the property, however, it is currently zoned for industrial research park use.

— Noozhawk staff writer Serena Guentz can be reached at sguentz@noozhawk.com. Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.