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Goleta office building sells after listing for $14.2M

By   /   Tuesday, May 13th, 2014  /   Comments Off

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The office building at 6550 Hollister Ave. in Goleta has been sold to a South Coast investor. (photo courtesy of Hayes Commercial Group)

The office building at 6550 Hollister Ave. in Goleta has been sold to a South Coast investor. (photo courtesy of Hayes Commercial Group)

 

The 39,875-square-foot office building at 6550 Hollister Ave. in Goleta has been sold to an undisclosed South Coast investor after listing for $14.2 million. The property is leased to Cottage Health System and is located diagonally across from the new Deckers Outdoor Corp. headquarters.

“The recession triggered a ‘flight to quality’ among investors, and demand for well-located, class-A office property in our area has been strong during the past five years,” Francois DeJohn of Hayes Commercial Group said in a news release. “However, the market didn’t kick into gear until mid-2012 when more owners started deciding to sell. Since then, commercial sales on the South Coast have been very active, including premium office property.”

DeJohn and Steve Hayes of Hayes Commercial Group represented the seller in the deal, which marks the third high-value Goleta office property to change hands during the past eight months. The 73,962-square-foot property at 6500 Hollister Ave. sold for $20.4 million in January and the 59,965-square-foot campus at 7414-7418 Hollister Ave., sold for $19.7 million in September 2013.

Built in 1986 by Bermant Development Co., 6550 Hollister Ave. was owned and occupied by UC Santa Barbara from 1989 to 2009, when the university sold it to an investment group. The building was extensively remodeled in 2010 and leased to Cottage Health, Hayes Commercial noted.

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