QAD Property Sold to University of California for Over $100 Million
By edhat staff
The former headquarters of local software company QAD has been sold to the University of California for over $100 million, according to the Pacific Business Times.
QAD's Santa Barbara property was listed in May featuring its isolated 29 acres on a hill between Montecito and Summerland with ocean views and two office buildings that have over 122,000 square feet.
Earlier this year QAD announced a work-from-home schedule for employees with plans to reopen a smaller headquarters office in the area.
The deed was filed at the Santa Barbara County Clerk-Recorder office on June 24. UC Investments, which manages the University of California's investment funds and portfolios, reportedly purchased the property as an investment.
It's unclear what the property will be used for, although it is not zoned for public use so there has been speculation that the offices could be leased to another large tech company.
18 Comments
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Jul 01, 2022 11:17 AMMaybe their new dorm to house 10000 students?
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Jul 01, 2022 12:16 PMI am fairly certain that no housing will go on that property. QAD bought the property for "next to nothing" back in 94 or 95. The reason they got it for a song was that there was major cleanup required. Years of solvents/heavy metals were left in the ground by the Jostens jewelry manufacturing facility. Alsooooooooo.....there are many/many known and unknown oil well heads on that property. That is my understanding and the reason why no one was allowed to build homes/condos there....something like that anyway.
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Jul 01, 2022 09:36 PMBut they manage to fix it up pretty well with the "Quarter million A Day" they were bringing in from "Queen Anne Drive".
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Jul 01, 2022 12:49 PMWow, where on earth did they get money like that? It better be for housing for students and faculty.
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Jul 01, 2022 01:17 PMUCSB has students living in cars or working multiple jobs to live crowded together in Isla Vista. This is disgusting and an embarrassment, a respected institution like UCSB should know better. How can they be this out of touch?
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Jul 01, 2022 02:32 PMThe UC system depends on taxpayer subsidies yet can make a $100 million impulse buy?
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Jul 01, 2022 03:29 PMIt was purchased by UC Investments, not UCSB. UC Investments holds public and private assets to support the UC systems pension and retirement plans. Not going to be housing, or anything other than UC investments acting as a landlord.
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Jul 02, 2022 08:50 AMThe trend of corporations acquiring an increasing share of our real estate is disturbing, and the trend of government entities acquiring real estate is even more disturbing. Such entities have many advantages over private individuals and given enough time that could lead to all property being owned by corporations and government entities.
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Jul 01, 2022 03:30 PMAt least it has windows...
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Jul 02, 2022 06:14 AMRE property taxes
Does anyone know if the Investments division, which I guess is supposed to increase revenue, is also exempt from property taxes?
“Our review at the eight campuses found five had recent property acquisitions and that those acquisitions resulted in very small reductions in local governments’ property tax revenue. As discussed in the Introduction, the California State Constitution exempts certain properties, including those that UC and CSU campuses own, from paying property taxes. As a result, when a campus acquires taxable property, that property ceases to generate property tax revenue for as long as the campus owns it and does not lease it to a taxable third party. “
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Jul 02, 2022 03:05 PMIf it’s non profit, yes they get a huge discount on property taxes.
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Jul 02, 2022 06:39 AMYet another thing to keep in mind the next time you get a donation request from UC.
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Jul 02, 2022 11:09 AMExactly Yacht…
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Jul 02, 2022 07:31 AMMost likely bought for a mitigation chip just like the Devereux Campus. Just business as usual for UCSB.
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Jul 02, 2022 08:07 AMApparently $100 million is not enough to put windows in student housing.
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Jul 02, 2022 11:09 AMUC is UC. if they’re able to invest this much money in outside investments that have nothing to do with campuses and students directly, it’s fair for people to question what’s going on, where their priorities are, and where the dollars are going. I wrote a hell of a lot of checks out to “UC Regents” back in the day, and continue to have ties to the local university but have real skepticism about our local university’s mindset and goals, as I’ve expressed previously here. #not good neighbors
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Jul 03, 2022 12:56 PMThe new property owners will also make boatloads of dough leasing a small portion of land for the cell/communications tower. No other spot to put that tower for the coverage needed...otherwise there would be dead spots in that area.
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Jul 05, 2022 06:37 PMIt wasn't UCSB specifically, but Regency Innovation Place (terrible name) https://www.pacbiztimes.com/2022/06/29/university-of-california-buys-hilltop-qad-property-for-more-than-100m/
It sold for $114M, and so, as they're not UC per se, they paid full taxes on it.