October 4, 2022
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Somera buys Goleta site

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Somera Capital Management, a private equity fund manager, headquartered in Santa Barbara, has acquired an eight-acre site in Goleta from Verizon. Terms of the deal were not disclosed.

Three buildings occupy the property, a 25,000 square-foot-office building and two warehouse buildings totaling about 24,000 square feet.

Verizon will continue to occupy half of the property containing the warehouse use on Patterson Avenue near the intersection of Hollister Avenue, less than a mile from Highway 101.

Somera officials said they plan to invest in renovations to the office building and offer it for lease through Hayes Commercial.

Somera Realty Value Fund II, L.P provided the firm’s equity to this transaction. Matt Hargrove of Cushman & Wakefield represented both the buyer and seller in the transaction.

Matt Hargrove of Cushman & Wakefield represented both the buyer and seller.