Saturday, February 25 , 2017, 2:07 pm | Partly Cloudy 58º

 
 
 
 

Business

Investor Purchases Elite Office Property on Hollister Avenue

An unnamed local investor has purchased 6550 Hollister Ave., one of the elite office properties in the Santa Barbara area.

The 39,875-square-foot building is located on the corner of Hollister Avenue and Los Carneros Road — one of the premium sites in Goleta’s office district and kitty corner from the new Deckers building.

The property was offered for $14.2 million. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the seller in the transaction.

The transaction marks the third high-value Goleta office property to change hands during the past eight months, along with the sale of 6500 Hollister Ave., a 73,962-square-foot building sold for $20.4 million in January and 7414-7418 Hollister Ave., a 159,965-square-foot campus sold for $19.7 million in September of last year.

DeJohn and Hayes brokered both of those transactions as well.

“The recession triggered a ‘flight to quality’ among investors, and demand for well-located, class A office property in our area has been strong during the past five years,” DeJohn said. “However, the market didn’t kick into gear until mid-2012 when more owners started deciding to sell. Since then, commercial sales on the South Coast have been very active, including premium office property.”

Built in 1986 by Bermant Development Co., 6550 Hollister Ave. was owned and occupied by UCSB from 1989 to 2009, at which point it was sold to a local investment group.

The building was extensively remodeled in 2010 and leased to Cottage Health Systems, the current tenant.

— Ted Hoagland is the marketing manager for Hayes Commercial Group.

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