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Hair: Procore campus, listed at $48M, sells for undisclosed amount

By   /   Friday, July 31st, 2020  /   No Comments

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Procore’s Carpinteria campus, which also houses a couple of other buildings, was recently sold to an out-of-town investor.

Carpinteria-based Procore Technologies moved up from No. 880 last year to No. 697 this year. (Nik Blaskovich)
Carpinteria-based Procore Technologies headquarters in Carpinteria was recently sold for an undisclosed amount. (file photo)

The 9.3-acre shorefront campus at 6303-6309 Carpinteria Ave., once the headquarters of CKE Restaurants, was sold by an investment group, which Hayes Commercial Group partners Francois DeJohn and Steve Hayes represented in the sale. The three-building campus has 121,230 square feet of space, and while Hayes couldn’t disclose the amount the property went for, the original listed price was $48 million.

As tenants Procore and Continental Automotive are secure in long-term leases, there’s no danger that the new landlord will cause a shakeup in tenancy. Hayes said the building will stay as it is, with no planned immediate improvements or renovations.

“There was a lot of money spent on the building,” Hayes said, referring to how the entire campus was remodeled from 2014 to 2017. More than $2 million was spent on creative office improvements. “Nothing will change, in the next few years, anyway.”

LOSSES CONTINUE
Ascena Retail Group, the parent company for mall fashion chains like Ann Taylor, filed for Chapter 11 bankruptcy on July 23.

The company owns a number of women’s fashion brands, including Loft, Lou & Grey, Lane Bryant, Cacique, Catherines and Justice, which caters to preteens and younger girls. As part of the bankruptcy proceedings, the company is going to close all Catherines stores, as well as a “significant” number of Justice stores and a select number of Ann Taylor, LOFT, Lane Bryant and Lou & Grey stores.

Loft outlet store at the Camarillo Premium Outlets.

It’s currently unknown how many stores the parent chain will close, but Ascena Retail Group has seven locations in the tri-county region, including Justice stores in Thousand Oaks and Ventura; an Ann Taylor Factory store in Camarillo; a LOFT store in Thousand Oaks; a LOFT Outlet in Camarillo and both a Lane Bryant store and a Catherines store in Oxnard.

Ascena Retail Group is also closing all of its stores in Canada, Puerto Rico and Mexico.

“Ann Taylor, LOFT, Lane Bryant, Justice and Lou & Grey have incredibly loyal customers who are at the center of everything we do,” said Gary Muto, the CEO of Ascena, said in a news release. “These iconic brands have significant long-term potential and we continue to deliver on their mission to provide all women and girls with fashion and inspiration to live confidently every day. This comprehensive restructuring, as well as the actions we are taking to optimize our brand portfolio and store fleet, mark a new start for our company and will allow us to expand our customer-focused strategies across her mobile, online, and store experiences.”

New Faces at PSHH
Peoples’ Self-Help Housing brought on two new hires to help it fill key multifamily housing positions: Angela Heyward, the incoming deputy director of multi-family housing development, and Veronica Zimmerman, the director of business development.

The two bring extensive experience into their roles. Heyward previously served as director of asset management for the Cesar Chavez Foundation and interim assistant director for the Office of the Treasurer with the city and county of San Francisco. Zimmerman comes to the team with involvement in both commercial and nonprofit community development.

“We are thrilled to have Angela and Veronica joining us,” John Fowler, the president and CEO, said in a news release. “They both come to us with a wealth of knowledge and professional insight that will undoubtedly benefit the forward progression of our organization.”

Peoples’ Self-Help Housing’s Multi-Family Housing Department has almost 2,000 rental units in use and is developing more to help address the region’s housing crisis. Some of the organization’s upcoming projects include Guadalupe Court, an affordable housing property designated for farmworkers in Guadalupe, and Santa Maria-based Sierra Madre Cottages, which has been designated for seniors.

• Send submissions for the commercial real estate column to Amber Hair at [email protected]

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Staff Writer at Pacific Coast Business Times, Inc.

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