Shopoff Realty has recently placed a 35,960-square-foot office building located in Goleta’s Castilian Creative Campus back on the market after acquiring it just over a year ago. Listed by Newmark for $12.34 million, or about $343 per square foot, the property is located in one of Santa Barbara County’s top tech markets and is fully leased to software company Appfolio.
“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,” the listing states. “This allows an investor to collect secure income for the next 10 years without the worry of re-tenanting the building.”
The property is located at 90 Castilian Drive and has been owned by Shopoff Realty since January of 2021. According to public records, the property was sold to Shopoff by Montana Avenue Capital Partners as part of a larger $61 million sale that included the entire office campus.
The for-sale portion of the campus includes just the two-story office building which serves as headquarters for Appfolio. The property management software company has leased the building through February of 2032.
The property is situated adjacent to Interstate 101 and is just a short commute to the Santa Barbara Airport and the University of Southern California, Santa Barbara, providing access to an educated workforce. The area is also home to a number of tech companies, including Google, Microsoft and Yardi Systems.
“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 offering document states.
Newmark did not respond to requests for comment.
