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Business

Raytheon Building in Goleta Sold in Off-Market Deal

Once owned by Raytheon, the 102,066-square-foot office building at 1 S. Los Carneros Road in Goleta has been purchased by an unnamed owner-user in an off-market deal.

Although the sale price has not been disclosed, it is the highest value commercial sale to date in 2014 for the South Coast of Santa Barbara County and the highest value Goleta office property sale in eight years.

Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the seller. Mike Catalano of Studley represented the buyer.

The deal marks the fourth major office property sold in Goleta in the past nine months, along with the $13.95 million sale of 6550 Hollister Ave. three weeks ago, the $20.4 million sale of 6500 Hollister Ave. in January and the $19.7 million sale of 7414-7418 Hollister Ave. on Sept. 30 of last year.

DeJohn and Hayes brokered all four sales. The pair have worked in partnership for 18 years, completing more than $1 billion in transaction volume.

“We haven’t seen this volume of office property sales in Goleta since the heady days of 2006,” DeJohn said. “Since the recession, demand has been building for quality commercial assets on the South Coast, and these sales demonstrate that buyers are finding owners willing to sell.”

Located in the Campus Pointe complex, the building was built by Raytheon for its own use. In fact, DeJohn and Hayes brokered the sale of the property by Raytheon as part of a $41 million transaction in 1998.

In addition to Raytheon, occupants have included Santa Barbara Bank & Trust/Union Bank, Allergan and Brown & Brown Insurance.

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

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