IN-PLACE 6.0% CAP RATE$367 PSF
THE ENCLAVE @ CARPINTERIA6303-6309 CARPINTERIA AVE, CARPINTERIA, CAFully renovated, 100% occupied oceanside campus on 9 acres with longterm NNN credit tenancy
$1B Valuation – Unicorn Tech Company 10-year NNN lease with 3% annual increases
$37B Market Cap 7-year NNN lease with 3% annual increases
INVESTMENT HIGHLIGHTS
• Institutional-quality office campus, recently remodeled with creative improvements including exposed ceilings, polished concrete floors, skylights, roll-up doors, and patio spaces
• Prime location on the bluffs of Carpinteria with spectacular views of Pacific Ocean and Channel Islands
• 100% NNN leased longterm to credit tenants
• In-place 6.0% cap rate ($367 PSF)
• High barriers to entry in Santa Barbara market, with only 3 approved office projects
• Office vacancy is 2.3% in Carpinteria and 4.4% in Santa Barbara
• Highly educated employee base with University of California, Santa Barbara nearby
• Microsoft/LinkedIn, Agilent, Nusil, Bega, and several other technology companies nearby
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. 1/25/17
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 2
6303-6309 Carpinteria Ave, Carpinteria, CA | Oceanfront Office Campus | 121,230 SF on 9.28 AcresFOR SALE
PROPERTY OVERVIEWOnly a handful of oceanfront office properties exist along the coast of California, and this is a rare opportunity to purchase one of the finest. “The Enclave” is perched on the bluffs of Carpinteria and consists of three buildings featuring creative office interiors with views of the ocean, islands, and mountains, making this oceanfront office campus truly irreplaceable real estate.
Property Summary
Address: 6303-6309 Carpinteria Ave
Year Built: 1961 (6303-6307), 1999 (6305 & 6309)
Remodeled: Entire campus in 2014-2017
Building Size: 121,230 sf (total)
Lot Size: 9.28 Acres
Property Type: Creative Office
Zoning: M-RP (Business Park)
APN: 001-180-068, -069, and -020
Parking: 326 spaces (2.7/1,000)
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. 1/25/17
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 3
6303-6309 Carpinteria Ave, Carpinteria, CA | Oceanfront Office Campus | 121,230 SF on 9.28 AcresFOR SALE
Building Floors Size6303 & 6307 One 88,461 SF6305 Two 20,000 SF6309 Two 12,769 SF Total 121,230 SF
Price: $44,500,000 ( 367 psf )*
Actual NOI: $2,670,563 (beginning 4/1/17)
Cap Rate: 6.0% (fully stabilized on 4/1/17 income)
Tenants: Procore Technologies, Inc. (96,766 SF) Continental Automotive (24,464 SF)
Location: 12 miles east of Santa Barbara and 16 miles west of the city of Ventura. Great location for companies with employees living in both counties. 85 miles north of Los Angeles.
Brokerage: 0.5% to cooperating agent.
* Buyer to receive at close of escrow a credit for unpaid lease-up expenses.
INVESTMENT OVERVIEW
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. 1/25/17
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 4
6303-6309 Carpinteria Ave, Carpinteria, CA | Oceanfront Office Campus | 121,230 SF on 9.28 AcresFOR SALE
326 on-site parking spaces, including 40 subterranean parking spaces.
Site/Parking Plan
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. 1/25/17
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 5
6303-6309 Carpinteria Ave, Carpinteria, CA | Oceanfront Office Campus | 121,230 SF on 9.28 AcresFOR SALE
6303 is currently occupied by CKE and will be vacated by 3/31/17. Procore will then take possession and complete an extensive remodel to the suite. The west end of this building has recently undergone a major exterior remodel. The Procore suite has been completely remodeled and the improvements to the Continental suite will be completed in the first quarter of 2017.
Space: 6303 6307-A 6307-B
Size: 35,504 SF 24,464 SF 28,493 SF
Tenant: Procore Continental Procore
Rate on 4/1/17: $1.85 NNN $1.85 NNN $1.80 NNN
Rent Adj: 3% fixed 3% fixed 3% fixed
Lease Start: 4/1/17 4/1/16 4/1/16
Lease Expires: 3/31/27 3/31/24 3/31/27
Parking: 96 spaces 67 spaces 76 spaces
6303-6307 CARPINTERIA 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. 1/25/17
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 6
6303-6309 Carpinteria Ave, Carpinteria, CA | Oceanfront Office Campus | 121,230 SF on 9.28 AcresFOR SALE
Procore
Procore
Continental
6303-6307 Carpinteria 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. 1/25/17
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 7
6303-6309 Carpinteria Ave, Carpinteria, CA | Oceanfront Office Campus | 121,230 SF on 9.28 AcresFOR SALE
Two-story class A office building with subterranean parking and spectacular ocean and mountain views. The entire building was upgraded in early 2015 with over $2 million spent on creative office improvements.
Size: 20,000 SF
Tenant: Procore Technologies, Inc.
Rate on 4/1/17: $1.84 NNN
Rent Adj: 3% fixed
Lease Start: 6/1/14
Lease Expires: 3/31/27
Parking: 21 covered & 32 uncovered spaces
6305 CARPINTERIA 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. 1/25/17
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 8
6303-6309 Carpinteria Ave, Carpinteria, CA | Oceanfront Office Campus | 121,230 SF on 9.28 AcresFOR SALE
SECOND FLOOR THIRD FLOOR
EXECUTIVE SUITE
6305 Carpinteria Ave
OCEAN
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. 1/25/17
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 9
6303-6309 Carpinteria Ave, Carpinteria, CA | Oceanfront Office Campus | 121,230 SF on 9.28 AcresFOR SALE
Two-story class A office building with subterranean parking and spectacular ocean and mountain views. The entire building was significantly updated in 2013-2014 with over $750,000 on creative office improvements.
Size: 12,769 SF
Tenant: Procore Technologies, Inc.
Rate on 4/1/17: $1.84 NNN
Rent Adj: 3% fixed
Lease Start: 1/1/14
Lease Expires: 3/31/27
Parking: 19 covered & 15 uncovered spaces
6309 CARPINTERIA 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. 1/25/17
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 10
6303-6309 Carpinteria Ave, Carpinteria, CA | Oceanfront Office Campus | 121,230 SF on 9.28 AcresFOR SALE
SECOND FLOOR THIRD FLOOR
6309 Carpinteria Ave
OCEAN
BALCONY
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. 1/25/17
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 11
6303-6309 Carpinteria Ave, Carpinteria, CA | Oceanfront Office Campus | 121,230 SF on 9.28 AcresFOR SALE
AERIAL VIEW
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. 1/25/17
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 12
6303-6309 Carpinteria Ave, Carpinteria, CA | Oceanfront Office Campus | 121,230 SF on 9.28 AcresFOR SALE