Goleta’s Massive 17-Building Tech Park Portfolio Sells For $235 Million

A 17-building commercial portfolio in Goleta sold for $235 million, making the deal one of the region’s largest recent real estate transactions.

Praelium Commercial Real Estate acquired the commercial portfolio for $235 million, according to Commercial Cafe. It includes a mix of office, industrial, and research and development facilities.

Together, the properties span 733,497 sq. ft., with the price translating to about $320 per square foot, according to Traded.

The mixed-use asset, known as ‘Tech Park @ Goleta,’ was sold by Majestic Asset Management, according to Commercial Cafe. The deal served as a recapitalization sale for Majestic. 

 

 

 

 

 

 

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The former owner assembled the five-campus portfolio through several acquisitions in the late 2010s and early 2020s. Tech Park @ Goleta consists of one- and two-story buildings that average about 41,000 sq. ft. The campus spans Hollister Avenue, Bollay Drive, Castilian Drive, Cremona Drive, and Ward Drive. 

The buildings have an average age of more than 26 years, with some of the structures launched from 1959 to 1996. However, the buildings have undergone major renovations in recent years under Majestic’s ownership, including branding and new tenant facilities, Commercial Cafe reported.

The tenant roster underscores the portfolio’s value, with major defense and technology companies, including Lockheed Martin, IT reseller Curvature, and satellite firm Umbra Space. The latter two organizations signed lease agreements in 2025. 

Goleta’s strategic location near major offices makes it an attractive destination for institutional investors, who are also seeking alternative locations to congested markets like Los Angeles County. 

The region benefits from its proximity to Vandenberg Space Force Base, with additional nearby presence of defense contractors such as Raytheon and Northrop Grumman. 

The combination of durable market fundamentals and a consistent growth trajectory ensures that the Goleta market remains a hot favorite among investors. 

Financing for the acquisition was sourced through a $153.5 million loan provided by Blackbird Investment Group and HIG Capital, along with an affiliate of Starwood Property Trust. 

The transaction was brokered by Francois DeJohn and Caitlin Hensel of Hayes Commercial Group (Santa Barbara) and Sean Fulp and Michael Kendall of Colliers (Los Angeles). 

Majestic is actively seeking industrial acquisition opportunities in Western U.S. as part of its exchange strategy, Colliers said in a statement. 

“Goleta’s combination of entrenched technology and aerospace tenants; limited new supply; and strong institutional ownership continues to support long-term investor conviction in the market,” said Sean Fulp, Vice Chair at Colliers and lead broker on the transaction.