QAD Property Sold to University of California for Over $100 Million

QAD Property Sold to University of California for Over $100 Million title=
Aerial photo of QAD's Santa Barbara campus (Photo: QAD)
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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.

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Babycakes Jul 01, 2022 12:16 PM
QAD Property Sold to University of California for Over $100 Million

I 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.

ChillinGrillin Jul 01, 2022 01:17 PM
QAD Property Sold to University of California for Over $100 Million

UCSB 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?

CS805 Jul 01, 2022 03:29 PM
QAD Property Sold to University of California for Over $100 Million

It 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.

Chip of SB Jul 02, 2022 08:50 AM
QAD Property Sold to University of California for Over $100 Million

The 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.

Mesarats Jul 02, 2022 06:14 AM
QAD Property Sold to University of California for Over $100 Million

RE 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. “

Basicinfo805 Jul 02, 2022 11:09 AM
QAD Property Sold to University of California for Over $100 Million

UC 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

Babycakes Jul 03, 2022 12:56 PM
QAD Property Sold to University of California for Over $100 Million

The 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.

grummitt Jul 05, 2022 06:37 PM
QAD Property Sold to University of California for Over $100 Million

It 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.

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