Goleta Tech Buildings Purchased for $35 Million

(Photo: Jim Bartsch)

By edhat staff

The Castilian Technical Center in Goleta, which includes a three-building campus off Hollister Ave, was purchased for over $35 million.

An affiliate of Montana Avenue Capital Partners, LLC (MAC) purchased 50, 70, and 90 Castilian Drive, which is 165,462 square feet on almost 11 acres of land and is currently 100% leased to AppFolio, Inc. 

Located near the intersection of Hollister Avenue and Los Carneros Road, the buildings are central to Goleta’s burgeoning business industry home to LogMeIn, Deckers, and most recently, Google.

The campus had been part of the Towbes Group portfolio for decades before selling it for approximately $35,725,000. AppFolio began leasing space at this site in 2011, starting in 50 Castilian Drive, then expanding into 90 Castilian Drive in 2015, and finally leasing the balance of the campus in 2018.

“Montana Avenue Capital specializes in institutional-scale assets serving technology, media, and bioscience tenants,” said Steve Hayes of Hayes Commercial Group who represented MAC in the transaction. “A campus of this size—fully leased to a successful and growing public company like AppFolio—is a great fit for them.”

MAC is a real estate investment, management, and development company headquartered in Los Angeles. “This deal marks our first acquisition in Goleta and nicely complements our existing portfolio of properties along the coast in Carpinteria,” said Steve Elson, Managing Director of MAC.

In 2015, MAC purchased the 121,000 SF oceanfront campus at 6303-6309 Carpinteria Ave in Carpinteria, which was then leased to Procore Technologies and Continental Automotive. MAC subsequently acquired a 24,000 SF building at 6384 Via Real and leased that site to Procore as well.

MAC’s latest project in Carpinteria is the development of a new 83,000± SF creative office campus formerly known as Lagunitas Business Park on 8.63 acres at 6380 Via Real Avenue. This will be the first new development of office space in the city in nearly 20 years.