Schaff buys Goleta offices from Towbes for $26.4M
South Coast real estate investor Victor Schaff has purchased a 120,000-square-foot-property in Goleta for $26.4 million.
The property, which includes two 60,000-square-foot office buildings on a 10-acre parcel at 75 Coromar Drive in the Raytheon Business Park, was sold by Santa Barbara-based Towbes Capital Partners, the private-equity real estate affiliate of The Towbes Group. The buildings are occupied by a Raytheon business unit.
Along with being an investor in commercial properties, Schaff is also the founder and owner of Carpinteria-based S&S Seeds, the only commercial grower of drought-resistant plants native to California.
Schaff adds the Goleta property to his already hefty portfolio of South Coast real estate, which also includes a 51,000-square-foot building on the Carpinteria bluffs that is leased to Venoco for its regional headquarters.
Towbes said it originally purchased the Goleta property in 2003 and Raytheon has been the sole tenant since the one-story office property was built in 1963. Raytheon’s lease runs to April 30, 2019.
“Collectively we thought the purchase of this building was a good investment opportunity as it could yield strong annual cash flow plus support Goleta’s thriving business economy. We are fortunate the current market conditions allowed us to sell the property 10 years later and realize a significant gain for our investors,” Craig Zimmerman, president of The Towbes Group, said in a press release.
The deal closed on July 1.
“The purchase of the property came to us through shared connections and we are thrilled to add
the asset to the buyer’s portfolio,” Robin Storey, who assisted Schaff in acquiring the property, said in a statement.
The transaction was a direct sale between the buyer and seller and no outside agents were involved, according to Towbes.