Goleta Building Sells for Nearly $23 Million
Photo credit: Steve Galbreath
Source: Hayes Commercial Group
600 Pine Ave in Goleta was recently sold to a local buyer. The entire 83,479 square foot building is leased by Northrop Grumman Innovation Systems (formerly Orbital ATK) until 2025. The property was listed for $22,950,000 by Steve Hayes and Francois DeJohn of Hayes Commercial Group. Caitlin McCahill Hensel and Kristopher Roth, also of Hayes Commercial Group, represented the buyer – a local investment group – in the transaction.
“The new owners are excited and proud to be involved with a property that has such a great history and future in Goleta’s technology and engineering economy,” Hensel said.
Alliant Techsystems (ATK) leased space at 600 Pine Ave in 2004. In 2010, the property owners constructed an adjoining high-bay structure of approximately 24,000 square feet as part of a 15-year lease renewal agreement with ATK. Five years later, Orbital ATK was formed by the merger of Orbital Sciences Corporation and ATK. In June of 2018, aerospace and defense giant Northrop Grumman acquired Orbital ATK for $9.2 billion and converted it into a new division called Northrop Grumman Innovation Systems.
The facility is built on a 6.58-acre parcel and includes a mix of office space, lab space, low-bay clean area, and high-bay clean area. Solar arrays assembled by Orbital ATK in the clean areas are currently on Mars, deployed on NASA’s InSight rover which launched in May 2018 and reached Mars in November.
Steve Hayes has a long history with 600 Pine Ave, having brokered the last three sales of the property, beginning with his represention of the buyer when Mentor Corporation sold the building to Bermant Development in 1990. Hayes and DeJohn then represented all parties when Bermant Development sold the property to a local investment group in 2008.
“This sale is a positive indication that investors remain active in the area’s commercial market,” Hayes said, “and that investor demand isn’t limited to class A buildings in A+ locations.”