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Carpinteria office campus sale largest deal this year

By   /   Wednesday, June 24th, 2015  /   Comments Off on Carpinteria office campus sale largest deal this year

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Santa Monica-based Montana Avenue Capital Partners purchased the 118,394-square-foot oceanfront office campus at 6303-6309 Carpinteria Ave. in Carpinteria in a record setting deal, according to brokers who worked on the deal.

The sale price was not disclosed, although the property was listed for $32.5 million.

Francois DeJohn and Steve Hayes of Hayes Commercial Group represented both parties in the transaction. According to Hayes, the sale is the largest commercial deal on the South Coast this year. The previous owner had held the campus for 16 years.

Situated on nine acres overlooking the Pacific Ocean, the property is the longtime headquarters of CKE Restaurant Holdings, which owns the Carl’s Jr., Hardee’s, and Green Burrito brands. The property recently became home to Procore Technologies, a cloud-based construction management software firm. Procore occupies two buildings on the campus, while CKE occupies the third building.

DeJohn and Hayes are also representing Montana Avenue Capital in leasing the remaining 46,000 square feet of space on the campus. MAC is working with pk:architecture to upgrade the exterior and interior of the unoccupied space by adding indoor-outdoor collaborative space and patio areas, glass roll-up doors, new signage, electric vehicle charging stations and exposing existing 15 foot ceiling heights.

“The improvements to the campus will appeal to high-tech companies and corporate office users,” DeJohn said in a presss release. “In addition to the incredible oceanfront setting on the bluffs, the location of this property enables tenants to attract employees from both Ventura and the Santa Barbara area.”

This sale is occurring at a time when office demand is picking up in Carpinteria, according to Hayes. Two large existing tenants on the bluffs are expanding and require more space. In addition, the 46,806-square-foot office building at 5464 Carpinteria Ave. is slated for conversion to a senior living property, which will displace several office tenants and increase demand locally. “I wouldn’t be surprised to see Carpinteria’s vacancy cut in half in the next year,” DeJohn said.

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