Pacific Coast Business Times: Short on Industrial space

Apeel Technology’s sublease of 105,257 square feet of industrial space vacated by Allergan sent Goleta’s industrial vacancy rate plunging to 0.9 percent in Q2 from 3.8 percent in Q1, according to Radius Group.

The group’s South Coast quarterly report also said that sales in the quarter totaled 18 sales, “considerably short of the first quarter’s strong haul of 31 transactions which was the strongest first quarter we have seen in the last 18 years.”

Despite the drop-off, the first half was just four deals shy of a record with the biggest deal being the $24 million sale of 71 S. Los Carneros Road to Apeel.

Sales were evenly divided between office, industrial, retail and land with limited inventory holding down volume, Radius said.

In the hotel sector, overall TOT taxes are up about 3 percent year-over-year but the opening of the Hotel Californian on Santa Barbara’s waterfront could have an impact on TOT revenue, Radius said.