Radius Group Completes Largest Commecial Sale Transaction in History of SB County
Radius Group Commercial Real Estate is pleased to announce the largest commercial real estate sale in the history of Santa Barbara County.
The transaction, which closed May 18, 2006, involved the office and R&D portion of Campus Pointe (1 and 71 S. Los Carneros, Goleta, CA). Although the precise terms of the sale cannot be disclosed the asking price was $55 million. 1 South Los Carneros is a 102,925 square foot office building located on 10.31 acres and master leased to Santa Barbara Bank and Trust. 71 South Los Carneros is a 105,275 square foot office and R&D building located on 6.98 acres and master leased to the recently merged entity of Inamed/Allergan.
The Seller, 1 & 71 Los Carneros, LLC, was represented by Paul Gamberdella of Radius Group Commercial Real Estate and Ed DeLacy of CB Richard Ellis. The Buyer was an investment group headed by Hank Hurst and was represented by Bob Tuler, Steve Brown, and Steve Golis of Radius Group Commercial Real Estate.
According to the Seller’s representative, Paul Gamberdella of Radius Group Commercial Real Estate, “For the Seller, the key to the transaction was identifying a buyer which not only had an appreciation for this irreplaceable real estate, leased to two of the area’s top tenants, but also the financial capability to make a deal of this size.”
Radius Group Principal and co-founder Bob Tuler remarked, “This transaction shows the continued strong demand that investors have for premium Santa Barbara properties.” Since 2002, Radius Group Commercial Real Estate and Radius Investments have become two of the leading commercial real estate brokerage and investment firms on California’s Central Coast. With a unique team philosophy as its backbone, the Radius companies maintain the distinct ability not only to meet their clients’ needs, but also to produce desired results with an exceptionally high degree of diligence, integrity and flexibility.
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Summary of market insights and analysis from Q2 2019 South Coast commercial sales and leasing activity: Download the complete report here …