6303-6309 Carpinteria Ave

“THE ENCLAVE @ CARPINTERIA”6303-6309 CARPINTERIA AVE, CARPINTERIA, CA

INVESTMENT HIGHLIGHTS

• Institutional-quality office campus, recently remodeled with creative improvements

• Prime location on the bluffs of Carpinteria with spectacular views of Pacific Ocean and Channel Islands

• 100% NNN leased for the next 7-10 years to 2 high-quality tenants

• High barriers to entry in Santa Barbara market, with only 3 approved office projects

• Office vacancy is 0.8% in Carpinteria and 4.1% 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. 10/14/16

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)







Building Floors Size6303 & 6307 One 88,461 SF6305 Two 20,000 SF6309 Two 12,769 SF Total 121,230 SF

Price: $48,500,000 ( ± 401 psf )*

Actual NOI: $2,670,563 (beginning 4/1/17)

Cap Rate: 5.5% (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 of approximately $2.5 million.

INVESTMENT OVERVIEW







326 on-site parking spaces, including 40 subterranean parking spaces.

Site/Parking Plan







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







Procore

Procore

Continental

6303-6307 Carpinteria Ave







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







SECOND FLOOR THIRD FLOOR

EXECUTIVE SUITE

6305 Carpinteria Ave

OCEAN







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







SECOND FLOOR THIRD FLOOR

6309 Carpinteria Ave

OCEAN

BALCONY







AERIAL VIEW







6303-6309 Carpinteria Ave

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