Goleta retail center sells for $11.3M
Kellogg Square, a retail center located at 5555-5585 Hollister Avenue in Goleta, fetched $11.3 million in a sale brokered by Colliers, the national commercial real estate firm announced Aug. 24.
The Colliers advisory team, made up of Vice President Miles Waters, Executive Vice President Austin Herlihy, Vice President Chris Parker, and Associate Mike Chung, represented the buyer, AJR Capital Group, LLC, and the undisclosed seller.
Kellogg Square is home to a mix of retail, restaurant, and service-oriented tenants.
“Kellogg Square represents a highly desirable neighborhood retail investment in one of Southern California’s most sought-after coastal markets,” said Waters. “The combination of a strategic location, an established tenant base, and the enduring strength of the Santa Barbara market made this a compelling opportunity for investors.”
Herlihy added that this sale represents “the catalyst Old Town Goleta has been waiting for.” Under new ownership, Kellogg Square is “expected to remain a key neighborhood-serving retail destination for the Goleta community,” according to the press release.
“With thousands of new residential units coming into the pipeline across Goleta to meet essential housing demand, Old Town is experiencing a dramatic shift. This specific asset sits right at the center of that growth, bridging the gap between new housing and the cutting-edge commercial infrastructure driving our local economy,” Herlihy said.
