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Tuesday, December 18 , 2018, 9:33 pm | Fair 49º

Real Estate

Carpinteria’s Oceanfront CKE Campus Leases Filled in Fourth Quarter

Fourth quarter leases by Continental Automotive Systems, Inc. and Procore Technologies, Inc. have filled the 119,695-square-foot office campus located at 6307 Carpinteria Avenue, also home to CKE Restaurants (Carl’s Jr.). The property is now fully leased.

The nine-acre oceanfront property at 6303-6309 Carpinteria Avenue was purchased in June 2015 by Montana Avenue Capital Partners (MAC), a Santa Monica investment, management and development firm.

MAC purchased the property despite 47,381 square feet of vacancy. The new owners tasked Francois DeJohn and Steve Hayes of Hayes Commercial Group with finding tenants to fill the property.

In November, cloud software firm Procore leased 28,310-square-feet to accommodate its rapid growth. Already headquartered in two buildings on the same campus, the company now occupies 61,079 square feet there.

“Procore is one of our area’s fastest-growing companies and actually doubled their total office footprint in 2015,” DeJohn said. “They have found a good fit for their company culture at this property, one of just a few oceanfront office campuses on the California coast.”

Continental Automotive Systems, a division of the German company Continental AG, leased 19,071 square feet in December. Continental is a supplier of electronics and other automotive components.

“As a subsidiary of a multinational corporation, Continental is an excellent tenant for our client to have at this property and a great addition to the Carpinteria office market,” Hayes said.

MAC is completing upgrades inside and out, including façades, patio areas, glass roll-up doors, EV charging stations and exposed ceilings.

The architect on the project is pk:architecture of Agoura Hills, Calif.

Carpinteria’s office market saw more than 87,000 square feet of leasing activity in 2015.

The vacancy rate has dropped from 14.6 percent at the end of 2014 to approximately 3 percent at the end of 2015, and leases currently under negotiation could reduce the vacancy rate to 1 percent or less in early 2016.

Ted Hoagland is the marketing director at Hayes Commercial Group.

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