Castilian Creative Campus

Castilian Creative Campus 50, 70, 90 Castilian Drive
Goleta, CA 93117

  • $51,600,000

    Asking Price

  • $311

    Price PSF

  • 165,905

    Square Feet

  • 100%

    Occupancy

  • 10.16 Years

    WALT

  • Office

    Property Type

Offering Summary

Address

  • 50, 70, 90 Castilian Drive
    Goleta, CA 93117

Pricing

  • Asking Price$51,600,000
  • Price PSF$311
  • WALT10.16 Years
  • Cap Rate5.50%

Details

  • Property TypeOffice
  • Listing StatusOn Market
  • Square Feet165,905
  • Occupancy100%
  • Year Built1999
  • Building(s)3
  • Stories2
  • Parking Ratio2.89/1,000
  • Acres10.82
  • APN073-330-019,021,022
  • TenancySingle

Address

  • 50, 70, 90 Castilian Drive
    CA 93117

Pricing

  • Asking Price$51,600,000
  • Price PSF$311
  • WALT10.16 Years
  • Cap Rate5.50%

Details

  • Property TypeOffice
  • Listing StatusOn Market
  • Square Feet165,905
  • Occupancy100%
  • Year Built1999
  • Building(s)3
  • Stories2
  • Parking Ratio2.89/1,000
  • Acres10.82
  • APN073-330-019,021,022
  • TenancySingle

Description

Newmark is pleased to present the opportunity to acquire the leasehold interest in Castilian Creative Campus, a 165,905-square-foot creative office campus comprised of three buildings in Goleta, CA. The property is 100% NNN leased to AppFolio through February 2032, providing investors a secure cash flow by a publicly traded, credit tenant. The building also has a favorable ground lease in place with 98 years of term remaining. 

Santa Barbara County has become one of the fastest-growing tech hubs in California, with major companies including Google, Microsoft, and Yardi Systems occupying large quantities of office space. The large and growing presence of tech tenants can be attributed to Santa Barbara’s ample supply of tech talent from UCSB, its recognition as one of the pioneers in quantum computing, as well as its high quality of life. The property is also ideally located adjacent to the 101 Freeway, allowing for quick access to the area’s abundant amenities as well as the Conejo Valley and northern Los Angeles County.

Investors have the opportunity to tap into one of the fastest-growing tech hubs in the nation with a long-term lease already in place. This allows an investor to collect secure income for the next 10 years without the worry of re-tenanting the building. Castilian Creative Campus also provides optionality for investors as the buildings can be purchased together or separately.

Deal Team

Sean Fulp

Sean Fulp

Executive Managing Director

310-407-6596 sean.fulp@nmrk.com

CA RE Lic. #01389064

Matt Berres

Matt Berres

Executive Managing Director

949-608-2066 matt.berres@nmrk.com

CA RE Lic. #01977909

Ryan Plummer

Ryan Plummer

Managing Director

310-407-6570 ryan.plummer@nmrk.com

CA RE Lic. #01765854

Samer Khalil

Samer Khalil

Director

949-608-2042 samer.khalil@nmrk.com

CA RE Lic. #02002301