INVESTMENT OPPORTUNITY HOLLISTER€¦ · base. Raytheon, FLIR, Yardi Systems, Medtronic, AppFolio,...
Transcript of INVESTMENT OPPORTUNITY HOLLISTER€¦ · base. Raytheon, FLIR, Yardi Systems, Medtronic, AppFolio,...
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142,382 SF creative office/R&D campus, remodeled with high-end improvements
Coastal Santa Barbara location with easy access to freeway and airport
Goleta/UCSB tech corridor with highly-educated employee base
High barriers to entry in market
NEW PRICING6.25% CAP RATE (PROJECTED)
INVESTMENT OPPORTUNITY
HOLLISTERBUSINESS PARK
GOLETA, CALIFORNIA
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Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
INVESTMENT OVERVIEW
LOCATION: Goleta/UCSB Tech CorridorSituated near UCSB, Santa Barbara Airport, Sandpiper Golf Course, and the breathtaking Ellwood Bluffs, this creative office/R&D campus presents an ideal asset to capitalize on Goleta’s booming technology corridor and highly-educated population base. Raytheon, FLIR, Yardi Systems, Medtronic, AppFolio, and many other engineering/tech firms located nearby.
PROPERTY: Remodeled for FlexibilityOffering excellent flexibility, the property consists of five buildings totaling 142,382 SF, including creative office, R&D, some warehouse space with dock-high loading, and a freestanding gym. Much of the campus was meticulously remodeled with high-end creative office finishes, including exposed ceilings and skylights. Mature trees and landscaped outdoor break area create a serene setting on 11.56 acres.
TENANTS:
Price: $34,000,000 ($239 PSF)
Cap Rate: 6.25% (projected)
Brokerage: 0.5% to cooperating agent
Project: Hollister Business Park
Address: 7402-7412 Hollister Ave, Goleta
Zoning: M-RP (Business Park)
APN: 079-210-064
Lot Size: 11.56 Acres (503,554 SF) on one parcel
Buildings: Five
Rentable Area: 142,382 SF
Property Type: Majority office/R&D, some warehouse
Year Built: 1986-1987
Parking: 390 spaces (2.74/1,000)
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. 5/10/17
222 E Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 2
Hollister Business Park, Goleta CA | Creative Office/R&D Campus | 142,382 SF on 11.56 AcresFOR SALE
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Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
SITE
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. 5/10/17
222 E Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 3
Hollister Business Park, Goleta CA | Creative Office/R&D Campus | 142,382 SF on 11.56 AcresFOR SALE
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Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
HOLLISTER AVE
OutdoorBreakArea
Site/Parking Plan
74124,082 SF (Gym)• LogMeIn (4,082)
740652,855 SF• In Touch Health (24,524)• Moog (19,398)• Vacant (8,933)
740818,450 SF• LogMeIn (18,450)
741038,970 SF• Vacant (38,970) Fully furnished 7402-7404
28,025 SF• InTouch Health (28,025) Subleased from Citrix Systems
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. 5/10/17
222 E Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 4
Hollister Business Park, Goleta CA | Creative Office/R&D Campus | 142,382 SF on 11.56 AcresFOR SALE
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Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
Income and Tenants
A diverse software, networking, and cloud technology company, this growing entity provides solutions to more than 400,000 organizations and 100 million users globally. Citrix Systems, Inc. marked $2.38 billion of income in 2015 and continues to push the limits of productivity.
A provider of software as a service and cloud-based remote connectivity services for collaboration, IT management and customer engagement. The company’s products give users and administrators access to remote computers. In July 2016, LogMeIn announced a merger with the Citrix Online “GoTo” family of collaboration products.
InTouch Health is a telehealth network seamlessly connecting physicians to patients across the world. With over 200,000 physician encounters a year and growing at a rate of one new hospital a day, this company is expanding access to clinical care when and where it is needed.
Moog, Inc. is a worldwide designer, manufacturer, and integrator of precision motion control products and systems. Its systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, industrial machinery, marine applications, and medical equipment.
Founded: 1989NASDAQ: CTXSHQ: Fort Lauderdale, FL
Founded: 2003NASDAQ: LOGMHQ: Boston, MA
Founded: 2002HQ: Goleta, CA
Founded: 1951HQ: East Aurora, NY
Tenant SuiteSquare
FeetTerm
(months)Lease Begin
Lease End
Current Base Rate
Current Monthly Rent
Next Increase Date
Next Base Rent
Security Deposit
Rent Adj Options CAM %Lease Type
Comments
Citrix 7402 28,025 126 01/01/10 06/30/20 $1.37 $38,505.23 07/01/17 $39,660.39 $32,228.75 cpi, 3%, 6% na 20.26% NNN Sublease to InTouch Health
InTouch 7402 same 39 07/01/20 09/30/23 $1.50 07/01/21 $42,037.50 3% fixed One 5-yr @ FMV NNN Direct lease after sublease expires
Moog 7406, 100 19,398 84 06/01/16 05/31/23 $1.11 $21,500.00 06/01/17 $22,575.00 $31,005.02 Fixed One 5-yr @ FMV 14.03% NNN One-time right to terminate at 5 years
InTouch 7406, 101 24,524 84 10/01/16 09/30/23 $1.20 $29,428.80 10/01/17 $30,311.66 $124,336.68 3% fixed One 5-yr @ FMV 17.73% NNN
TBD 7406, 200 8,933 6.46%
LogMeIn 7408 18,450 12 05/01/17 04/30/18 $2.13 $39,225.91 05/01/18 $40,402.69 $0.00 3% fixed Two 1-yr @ 3% 13.34% NNN Logmein has obligation to restore to 100% office
TBD 7410 38,970 28.18%
LogMeIn 7412 4,082 60 05/01/17 04/30/22 $2.06 $8,422.49 05/01/18 $0.00 3% fixed na na GR Building sits on a 15k sf piece of land
Totals 142,382 $137,082.43 100.00%
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. 5/10/17
222 E Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 5
Hollister Business Park, Goleta CA | Creative Office/R&D Campus | 142,382 SF on 11.56 AcresFOR SALE
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Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
7402-7404 HOLLISTER AVE7402-7404 is a single-story office/R&D building, recently remodeled extensively by Citrix. Currently subleased by InTouch Health with a direct lease in place after sublease expires.
Size: 28,025 SF
Tenant: InTouch Health
HVAC: Throughout
Restrooms: Two sets, one with shower
Sprinklers: Yes
Skylights: Yes
Ceiling Height: 18-foot exposed ceilings, some dropped areas
Power: 800 amps
Generator: 350 kW, 438 kVA Prime with full-height enclosure
Construction: Concrete tilt
Year Built: 1987
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. 5/10/17
222 E Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 6
Hollister Business Park, Goleta CA | Creative Office/R&D Campus | 142,382 SF on 11.56 AcresFOR SALE
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Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
7406 HOLLISTER AVE7406 offers a mixture of office/R&D space and high-bay warehouse with heavy power and dock-high loading. The office/lab areas occupied by InTouch Health were meticulously remodeled by Citrix.
Size: 52,855 SF
Tenants: InTouch Health (24,524 SF) Moog (19,398 SF) Vacant (8,933 SF)
HVAC: AC in office areas; heat in warehouse
Restrooms: Three sets
Sprinklers: Yes
Elevator: Can be installed
Ceiling Height: 24’ in warehouse areas
Power: 1,600 amps
Loading: 1 ground-level roll-up on west side; 2 dock-high roll-ups on east side
Construction: Concrete tilt
Year Built: 1986
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. 5/10/17
222 E Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 7
Hollister Business Park, Goleta CA | Creative Office/R&D Campus | 142,382 SF on 11.56 AcresFOR SALE
-
Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
7408 HOLLISTER AVE7408 is a single-story office/R&D building that was partially converted to a server facility by Citrix. LogMeIn has an obligation to remove the server improvements and restore the building to 100% office/R&D.
Size: 18,450 SF (per lease) 18,776 SF (with addition)
Tenant: LogMeIn
HVAC: Throughout
Restrooms: Two sets, one with shower
Sprinklers: Yes
Ceiling Height: 16’
Generator: Yes
Construction: Concrete tilt
Year Built: 1987
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. 5/10/17
222 E Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 8
Hollister Business Park, Goleta CA | Creative Office/R&D Campus | 142,382 SF on 11.56 AcresFOR SALE
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Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
7410 HOLLISTER AVE7410 is a single-story office/R&D building, remodeled with creative office finishes by Citrix and in fully furnished, “plug and play” condition. The multi-textured work environment includes high wood beam ceilings, exposed ducting, sculptural acoustical elements, and glass-wall offices.
Size: 38,970 SF
Tenant: Available 5/1/17
HVAC: Throughout
Restrooms: Two sets
Furniture: Fully furnished
Sprinklers: Yes
Skylights: Yes
Ceiling Height: 18-foot exposed ceilings, some dropped areas
Power: 800 amps
Generator: No
Construction: Concrete tilt
Year Built: 1987
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. 5/10/17
222 E Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 9
Hollister Business Park, Goleta CA | Creative Office/R&D Campus | 142,382 SF on 11.56 AcresFOR SALE
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Francois [email protected]. 01144570
Steve [email protected]. 00827640
Experience. Integrity. Trust.Since 1993
7412 HOLLISTER AVE
7412 is a single-story building, remodeled and expanded in 2007 as a free-standing gym.
Size: 4,082 SF
Tenant: LogMeIn
HVAC: Yes
Restrooms: Yes, with showers
Year Built: 1987
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. 5/10/17
222 E Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 10
Hollister Business Park, Goleta CA | Creative Office/R&D Campus | 142,382 SF on 11.56 AcresFOR SALE
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AERIAL VIEW LOOKING WEST
HOLLISTER AVE