Developer RAF Pacifica has purchased 11 acres in Goleta’s Cabrillo Business Park, and plans to construct premium flex/R&D and office space.
Developer RAF Pacifica has purchased 11 acres in Goleta’s Cabrillo Business Park, in one of the most expensive commercial land deals on the South Coast in more than a decade.
The San Diego developer purchased the research and development and office space from the Irvine-based Sares-Regis Group
RAF Pacifica plans to build about 145,000 square feet of premium flex/R&D and office space, according to a news release.
The land is fully entitled and is in the same business park as FLIR, Ergomotion and Deckers Brands.
“We are very pleased a company with RAF Pacifica’s history of building first-class buildings is completing the final steps of our vision for the master planned project,” said Steve Fedde of Sares-Regis Group.
Paul Gamberdella, Bob Tuler and Gene Deering of Radius Commercial Real Estate represented Sares-Regis Group. Christos Celmayster of Hayes Commercial Group represented the buyer.
The transaction consisted of five contiguous parcels on Coromar Drive near Hollister Avenue and Los Carneros Road.
The land will accommodate four single-story flex/R&D buildings and one two-story office building ranging in size from roughly 16,750 square feet to 44,924 square feet.
The parcels were listed for $26 million, but the exact terms of the deal have not been revealed.
Sares-Regis purchased the land for the 92-acre project in 1998, developed a master plan and pursued entitlements to create the largest business park of its kind between Los Angeles and San Jose, according to the news release.
RAF Pacifica intends to begin construction of the four flex/R&D buildings in early 2019 and complete the project by the fall of 2020. The new buildings will be marketed for lease by Celmayster and Francois DeJohn, also of Hayes Commercial.
“We look forward to bringing open-plan, high-end space and energy-efficient buildings to this thriving business community,” said Steve Leonard, principal of RAF Pacifica.
These properties are designed to accommodate users from numerous industries. The offices range from creative office and corporate headquarters to state-of-the-art industrial buildings.
“RAF Pacifica’s goal is to create product at a level of quality that doesn’t exist in the South Coast market,” Celmayster said. “The first four buildings will be unique flex space with soaring ceilings, suitable for creative office, R&D, or any combination of the two.”
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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 …