Entitled parcel of land in the heart of a well-established tech and engineering corridor At the doorstep of UCSB, a university renowned for innovations in science Entitled for a 60,000± SF two-story office building Prominent signalized corner parcel in Cabrillo Business Park with 340 feet fronting Hollister Avenue Coastal Santa Barbara market with high barriers to entry 6701 HOLLISTER AVE GOLETA, CALIFORNIA FOR SALE 3.72 ACRE PARCEL WITH ENTITLEMENTS Excellent developer or owner-user opportunity SITE Note: Status of entitlements to be confirmed by buyer
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Entitled parcel of land in the heart of a well-established tech and engineering corridor
At the doorstep of UCSB, a university renowned for innovations in science
Entitled for a 60,000± SF two-story office building
Prominent signalized corner parcel in Cabrillo Business Park with 340 feet fronting Hollister Avenue
Coastal Santa Barbara market with high barriers to entry
6701 HOLLISTER AVE GOLETA, CALIFORNIAFOR SALE 3.72 ACRE PARCEL
WITH ENTITLEMENTS
Excellent developer or owner-user opportunity
SITE
Note: Status of entitlements to be confirmed by buyer
Price: $8,900,000 (Approx. $54.92 PSF)
Parcel Size: Approx. 3.72 Acres (162,043 SF)
Address: 6701 Hollister Ave, Goleta, California
Project: Cabrillo Business Park
Zoning: M-RP (Business Park)
APN: 073-610-011
Entitlements: Approx. 60,000 SF two-story office building
Rare opportunity to acquire entitled land in the heart of this well-established hub for tech, engineering, and defense at the doorstep of a university
renowned for innovations in science. The coastal Santa Barbara area market has high barriers to entry due to both geographic and regulatory growth constraints. Only 230,000 SF of new office product has been delivered in the past 10 years.
LOCATION: Coastal Engineering and Technology CorridorSituated near UCSB, Santa Barbara Airport, and US 101, this property presents an ideal opportunity to capitalize on Goleta’s booming engineering and technology corridor and highly-educated population base. Raytheon, FLIR, Yardi Systems, Orbital ATK, Google, LogMeIn, Medtronic, Apeel Sciences, Seek Thermal, InTouch Health, Resonant, and many other engineering/tech firms are located nearby. Goleta is home to more than 100 defense contractors.
ENTITLEMENTS: 60,000±SF Office BuildingThe parcel is entitled for a two-story office building. Project clearance, permits and other requirements from the City of Goleta will still be required prior to development.
PROPERTY SUMMARY
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. Status of entitlements to be confirmed by buyer. 11/1/18
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FOR SALE 6701 HOLLISTER AVE, GOLETA, CALIFORNIA3.72 Acre Parcel with Entitlements
Note: To receive the detailed due diligence materials, please execute and submit the enclosed Confidentiality Agreement.
PROPERTY PROFILE
6701 HOLLISTER AVE GOLETA, CALIFORNIAFOR SALE
SITE FEATURES
Lot 4 is one of the premium and few remaining parcels of land in the master planned Cabrillo Business Park, situated on a prominent, signalized corner and offering extensive frontage on Hollister Avenue. The subject property is located between Deckers Outdoor Corporation’s world headquarters and FLIR Imaging’s Goleta campus.
Address: 6701 Hollister Ave, Goleta CA
Project Name: Cabrillo Business Park
Parcel: Lot 4
Owner: Deckers Outdoor Corporation
APN: 073-610-011
Parcel outlines are approximate.
Hol
liste
r Ave
Coromar Dr
Hollister Ave
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. Status of entitlements to be confirmed by buyer. 11/1/18
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FOR SALE 6701 HOLLISTER AVE, GOLETA, CALIFORNIA3.72 Acre Parcel with Entitlements
Note: To receive the detailed due diligence materials, please execute and submit the enclosed Confidentiality Agreement.
Cabrillo Business Park stands alone on the South Coast of Santa Barbara County. No other development approaches its combination of location, scale, amenities, sustainability, and tenant mix.
Land Area: 20 acres
Zoning: M-RP/Business Park
Location: Outstanding location in the heart of Goleta’s engineering/tech corridor with easy access to the Santa Barbara Airport, UCSB, the US 101 freeway. The property is also an easy bicycle commute from most of the South Coast’s new (and more affordable) homes.
Flexibility: The parcel allows for all Business Park uses, including office, R&D, industrial, warehouse, retail, and health club.
Amenities: Walking paths, sidewalks, bike paths, and restored wetlands
Good Neighbors: Cabrillo Business Park is already home to Deckers, FLIR, Texas Instruments, Inogen, Ergomotion, the US Forest Service, UCSB, CBRE, and Pacific Beverage.
SITE
PacificBeverage
Pending Sale
Restored Wetlands
Hollister Ave
Los
Car
nero
s Rd
RecreationArea
PROJECT FEATURES
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. Status of entitlements to be confirmed by buyer. 11/1/18
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FOR SALE 6701 HOLLISTER AVE, GOLETA, CALIFORNIA3.72 Acre Parcel with Entitlements
60,000± SFOffice Building
ParkingArea
ENTITLEMENTSThe subject parcel is entitled for an approximately 60,000 SF, two-story office building with approximately 3/1000 parking. Project clearance, permits and other requirements from the City of Goleta will still be required prior to development.
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. Status of entitlements to be confirmed by buyer. 11/1/18
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FOR SALE 6701 HOLLISTER AVE, GOLETA, CALIFORNIA3.72 Acre Parcel with Entitlements
LOCATION6701 HOLLISTER AVE GOLETA, CALIFORNIAFOR SALE
Santa Barbara Airport
Santa Barbara
UCSB
Hollister Ave
Los Carneros Rd
1
2 34
57
6
8
10
912
1413
13
13
1516
1718
19
2021
22
23
11
Castilian Dr
SITE
NEIGHBORING BUSINESSES1. Karl Storz Imaging
2. Apeel Sciences
3. Medtronic
4. Cottage Health
5. Deckers Outdoor
6. Mosely Systems
7. Curvature
8. TenCate Advanced
9. LGS Innovations
10. Transphorm
11. Calient Technologies
12. UCSB Rock West Solutions Mechanics Bank
13. AppFolio
14. Corning
15. Calient Technologies
16. Raytheon
17. Abaco Systems Autovitals
18. Toyon Research
19. Raytheon Vision Systems
20. FLIR Thermal Imaging
21. Hewlett Packard Texas Instruments Inogen
22. Ergomotion
23. Extra Space Storage
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. Status of entitlements to be confirmed by buyer. 11/1/18
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FOR SALE 6701 HOLLISTER AVE, GOLETA, CALIFORNIA3.72 Acre Parcel with Entitlements
SANTA BARBARA AIRPORT • The 952-acre airport is adjacent to Goleta, offering 3 major airlines flying to 7 non-stop destinations. As the busiest airport between San Jose and Los Angeles, SBA serves more than 750,000 passengers annually.
The South Coast of Santa Barbara County is a continuous metro area encompassing Goleta, Santa Barbara, Montecito, Summerland, and Carpinteria with a combined population of 205,000. The area is referred to as “Silicon Beach” for its burgeoning technology/engineering sector. Alternately, the area has been nicknamed the American Riviera due to its Mediterranean climate and beauty.
Location. Santa Barbara is 90 miles north of Los Angeles and 330 miles south of San Francisco and is served by the Santa Barbara Airport and Amtrak. Tucked between the Santa Ynez Mountains and the Pacific Ocean, Santa Barbara enjoys a mild, Mediterranean climate averaging 300 sunny days a year. Santa Barbara’s beaches, parks and mountains provide a wide array of outdoor activities enjoyed by residents and visitors alike.
Economy. Renowned internationally for its fine restaurants, shopping, hotels and architecture, the tourism industry is the region’s main eco-nomic driver. In addition, the economy includes a large service sec-tor, education, technology, defense, health care, finance, agriculture, manufacturing and local government. Education in particular is well represented with several world-class higher learning institutions in-cluding the University of California, Santa Barbara (23,497 students), Santa Barbara City College (12,000 students), and Westmont College (1,200 students).
Culture. The city’s history is evident in its Spanish architecture, ema-nating from the majestic Mission Santa Barbara. The downtown is brimming with restaurants, theaters, museums and hosts an inter-national film festival. Wine lovers can sample the Urban Wine Trail downtown or take a short drive to the world-class vineyards of Santa Ynez Valley.
THE SANTA BARBARA AREA
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. Status of entitlements to be confirmed by buyer. 11/1/18
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FOR SALE 6701 HOLLISTER AVE, GOLETA, CALIFORNIA3.72 Acre Parcel with Entitlements
TECHNOLOGY & ENGINEERING SECTOR
The Santa Barbara area is a dynamic hub for high-tech research and development companies. The establishment of the University of Cali-fornia campus in 1954 and and the arrival of aerospace and defense companies such as Raytheon and Delco changed the Goleta Valley for-ever from a prosperous farming region to a technology research area and an urban bedroom community. Today the area is home to more than 100 defense and government contractor companies, including Raytheon, Tecolote Research, Orbital ATK, and Kidde Technologies.
The area’s computer science pedigree was founded decades ago when UCSB was one of four sites selected to develop the Department of Defense’s ARPAnet, the predecessor of the world wide web. Dubbed “Techtopia” by CNBC, Santa Barbara is dotted with internet companies and start-ups, many of which have spun out of UCSB research teams.
• LogMeIn• Medtronic• Northrop Grumman• Orbital ATK• Procore• QAD• Raytheon• Resonant• RightScale• Seek Thermal• Sonos• Texas Instruments• Yardi Systems
NOTABLE TECH & ENGINEERING COMPANIES
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. Status of entitlements to be confirmed by buyer. 11/1/18
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FOR SALE 6701 HOLLISTER AVE, GOLETA, CALIFORNIA3.72 Acre Parcel with Entitlements
PRINCIPAL EMPLOYERS
1. UCSB 10,400 Employees 2. Santa Barbara County 4,600 Employees 3. Cottage Health System 2,600 Employees 4. Santa Barbara City College 2,050 Employees 5. Santa Barbara School District 2,000 Employees 6. City of Santa Barbara 1,700 Employees 7. Raytheon 1,300 Employees 8. Samsum Clinic 1,040 Employees 9. US Postal Service 800 Employees 10. Citrix Online 650 Employees 11. Bacara Resorts 650 Employees 12. Yardi Systems 600 Employees 13. Jordano’s 575 Employees
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. Status of entitlements to be confirmed by buyer. 11/1/18
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FOR SALE 6701 HOLLISTER AVE, GOLETA, CALIFORNIA3.72 Acre Parcel with Entitlements
UNIVERSITY OF CALIFORNIA, SANTA BARBARA
University of California, Santa Barbara (UCSB) is a public institution founded in 1909. It has a total undergraduate enrollment of 22,186, its setting is suburban, and the campus size is 989 acres. UCSB is ranked 5th among public universities and 30th overall by US News and World Report (2019).
Boasting six nobel laureates on faculty and ranked eighth in the world for its impact on the sciences,* UCSB is integral to the Gole-ta community and its largest employer. Students graduating with degrees in engineering and computer science frequently stay in the area to work for local businesses or start their own.
UCSB encompasses five schools and colleges offering over 200 majors. Graduate programs at UCSB include the highly ranked College of Engineering. The Gevirtz Graduate School of Education and Donald Bren School of Environmental Science and Management are other notable graduate schools at UCSB. Undergraduates can apply for the College of Creative Studies, which emphasizes focused studies in one of eight disciplines: art, biology, chemistry and biochemistry, computer science, literature, mathematics, music composition or physics.
* Ranked #8 of 750 universities worldwide in 2014 by the Centre for Science and Technol-ogy Studies of Leiden University.
#5 Public Universities
#30 National Universities
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. Status of entitlements to be confirmed by buyer. 11/1/18
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FOR SALE 6701 HOLLISTER AVE, GOLETA, CALIFORNIA3.72 Acre Parcel with Entitlements
THE CITY OF GOLETA
CITY SUMMARYIncorporated: February 1, 2002
Size: Appx. 8 square miles
Population: 31,879
Households: 11,454
Avg Household Income: $105,585
GOLETA VALLEY COTTAGE HOSPITALLocated at the corner of Hollister and Patterson avenues, Goleta Valley Cottage Hospital has recently undergone a complete, $126 million rebuild and expansion. A new 50,000 SF medical office building was also constructed next to the Hospital.
Conveniently located just 8 miles from Santa Barbara, the city of Goleta is nestled between a backdrop of majestic mountains and sprawling coastal bluffs. Home to beautifully-designed business parks, safe and family-oriented neighborhoods, and a world-class university, Goleta is one of Califorina’s premier locations for businesses.
Hollister Avenue serves as a central corridor of Goleta, host-ing a variety of blooming businesses in the research, develop-ment, medical, and technical fields such as Raytheon, Citrix, and Medtronic. The Santa Barbara Airport, convenient for use by the surrounding companies, runs adjacent to Hollister Avenue.
Perhaps the best indication of Goleta’s appeal as a place to do business is the array of companies that are investing in the com-munity – literally – by buying property for their own local op-erations. Deckers Outdoor Corporation recently built new inter-national headquarters at Cabrillo Business Park. Raytheon, FLIR, Citrix Online and Karl Storz Imaging are other successful compa-nies that own facilities in Goleta.
Boasting six nobel laureates on faculty and ranked eighth in the world for its impact on the sciences,* UCSB is integral to the Go-leta community and its largest employer. Students graduating with degrees in engineering and computer science frequently stay in the area to work for local businesses or start their own.
* Ranked #8 of 750 universities worldwide in 2014 by the Centre for Science and Technology Studies of Leiden University,
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. Status of entitlements to be confirmed by buyer. 11/1/18
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FOR SALE 6701 HOLLISTER AVE, GOLETA, CALIFORNIA3.72 Acre Parcel with Entitlements
MARKET OVERVIEW
The commercial real estate market in the Santa Barbara area (known locally as the South Coast) is marked by low turnover, limited development and high barriers to entry. Because of the growth constraints, the area enjoys below-average vacancy rates and stable rental income.
High Barriers to EntryDue to geographic constraints and a stringent government approval process, development in the market is very limited. There has been a total of approximately 270,000 SF of new office space delivered in the past 10 years, and there are currently only two sites approved for office development in the Santa Barbara area.
Institutional OwnershipDespite the modest size of the market, the appeal of the “American Riviera” and the area’s dynamic tech/engineering sector have attracted a number of well-known tenants, which in turn has brought real estate investment to the area by institutional owners, including: Macerich, Sares Regis, AEW, East Group Properties, JP Morgan, and Regency.
Office SalesSales of office property reached sustained and unprecedented activity during the five-year period from 2013 to 2017 with 168 transactions completed, totaling $651 million. Market velocity held steady in 2017 with 31 office sales totaling $144 million.
The devastating effects of the Thomas Fire in December 2017 and the Montecito debris flow a month later took a toll on office property sales. Through three quarters of 2018, the number of transactions decreased nearly 40% compared to the prior 5-year average. Transaction momentum picked up in the second and third quarters, suggesting that the market is recovering from the dual disasters. Investor and owner-user demand for assets in good locations remains strong, but inventory has expanded.
Office LeasingOffice leasing on the South Coast through Q3 of 2018 followed a growth trajectory. Gross absorption is up 23% when annualized against the prior 5-year average. And in Goleta, compared to the 5-year average, gross absorption and transactions increased 70% and 35%, respectively. The number of transactions to date in Q3 is the largest count in at least 10 years.
Goleta’s largest availability is the 105,257 sf building at 71 S Los Carneros Rd in Goleta, occupied by Apeel Technology until January 2020 under sublease from Allergan. Setting aside this single large building, available space decreased 30% during the first three quarters of 2018, and the underlying trend it toward contraction. In addition, there were 12 leases signed to date for spaces larger than 10,000 sf, far exceeding the pattern of recent years. Goleta’s future looks promising, with a healthy number of tenants actively seeking space.
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. Status of entitlements to be confirmed by buyer. 11/1/18
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FOR SALE 6701 HOLLISTER AVE, GOLETA, CALIFORNIA3.72 Acre Parcel with Entitlements
CONFIDENTIALITY AGREEMENTIn connection with the proposed sale (“Proposed Sale”) of the property commonly known as 6701 Hollister Avenue, Goleta, California (“Property”), Cresa Partners of Los Angeles and Hayes Commercial Group (collectively “Broker”), on behalf of Deckers Outdoor Corporation (“Seller”), are delivering to _ _________________________ (“Accepting Party”), certain information that is confidential and/or proprietary in nature (collectively, the “Confidential Information”).
As used herein, “Confidential Information” means all data, reports, interpretation, forecasts, records and other information concerning or relating to the potential transaction or the Property including any offering material and/or broker correspondence, which is not available to the general public and which we, our affiliates or representatives may provide to you in the course of your potential purchase of the Property, together with analyses, compilations, studies or other documents, whether or not prepared by us which contain or otherwise reflect such information. Notwithstanding the foregoing, Confidential Information shall not include (i) information which was already in your possession prior to the date hereof, (ii) information which is obtained by you from a third person who is not prohibited from transmitting the information to you, or (iii) information that is publicly available.
By entering into this Confidentiality Agreement (“Agreement”) and accepting the Confidential Information, Accepting Party agrees as follows:
Except for the sole purpose of evaluating the possible acquisition of the Property by Accepting Party, the Confidential Information will not be used for any other purpose, including, without limitation, for the purpose of contacting the Seller’s tenants or soliciting additional buyers. Accepting Party shall not photocopy or duplicate the Confidential Information and shall keep all Confidential Information strictly confidential; provided, however, that such Confidential Information may be delivered to such persons or entities who because of their involvement with the Proposed Sale need to know such information for the purpose of giving advice with respect to, or consummating, the Proposed Sale (all of whom are collectively referred to as “Related Parties”).
Related Parties shall be informed by Accepting Party of the confidential nature of such information and shall be directed by Accepting Party (and Accepting Party shall cause such Related Parties) to keep all such information in the strictest confidence and to use such information only in connection with the Proposed Sale and in accordance with the terms of this Agreement. In all events, Accepting Party shall be liable for any breach of the obligations of confidentiality in this agreement by any Related Parties or by any other person or entity to whom Prospective Purchaser discloses the Confidential Information. If Accepting Party does not purchase the Property, or upon request of Seller, Accepting Party will promptly deliver to Seller all Confidential Information furnished, whether furnished before or after the date of this Agreement, without retaining copies thereof.
Accepting Party shall not (i) disclose the fact that discussions or negotiations are taking place concerning the possible acquisition of the Property or any of the terms thereof, or (ii) conduct any discussions, negotiations or make any inquiries concerning the possible acquisition of the Property with any other person or entity except for Seller and Listing Broker, except as may be permitted by the preceding paragraphs, or except as may be required by law. The parties shall be bound by this Agreement until the earlier of one (1) year from: (a) the date of this Agreement, or (b) the date that the Transaction is closed and/or the Property is sold by the Seller, unless otherwise extended by the parties in writing.
In the event that Accepting Party or Related Party becomes legally compelled to disclose all or any part of
the Confidential Information, Accepting Party will provide Seller with prompt written notice so that Seller may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Agreement. In the event that such protective order or other remedy is not obtained, or that Seller waives compliance with the provisions of this Agreement, Accepting Party will furnish only that portion of the Confidential Information which is legally required and will exercise best efforts to obtain reliable assurance that confidential treatment will be accorded the Confidential Information.
Accepting Party acknowledges that remedies at law may be inadequate to protect against breach of this Agreement, and Accepting Party hereby agrees in advance to the granting of injunctive relief in Seller’s favor without proof of actual damages, in addition to any other remedies available at law or in equity. Accepting Party shall reimburse Seller for all costs and expenses, including reasonable attorney’s fees incurred by Seller in successfully enforcing Accepting Party’s obligations under this Agreement.
Seller makes no representations or warranties as to the accuracy or completeness of the Confidential Information or that actual results will conform to any projections. Seller expressly disclaims any and all liability for representations or warranties, expressed or implied, contained in the Confidential Information, or in any other written or oral communications transmitted or made available to Accepting Party by Seller.
Seller is under no legal obligation of any kind whatsoever with respect to the Proposed Sale by virtue of this Agreement, except for the matters specifically agreed to herein. Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with or without notice. Seller shall have no legal commitment or obligations to any entity reviewing the Evaluation Material or making an offer to purchase the property unless and until a written agreement for the purchase of the property has been fully negotiated, executed, and delivered.
Accepting Party agrees to indemnify, defend and hold Broker and Seller and their respective members, partners, managers, officers, employees, affiliates, successors and assigns harmless against all claims, losses and/or damages resulting from Accepting Party’s breach of this agreement, as well as any breach thereof by Accepting Party’s Related Parties or consultants.
This Agreement shall be governed by and construed in accordance with the laws of the State in which the Property is located, which is applicable to contracts made and to be performed wholly within such State.
Please acknowledge your agreement to and acceptance of the foregoing by signing where indicated below and returning one (1) executed copy to our attention.
ACCEPTED AND AGREED effective as of ______________________, 2018
