Goleta Magazine 2019-2020 - 22

Pictured above: Camino Real Marketplace, one or the areas largest shopping centers welcomed Home Goods and Vicenta's in
2018. Pictured below: Five entitled parcels in Cabrillo Business Park were purchased in 2018.

Commercial Real Estate
Demand remains strong for Goleta industrial and retail space
+12,000 sf. There were several notable deals in the fourth quarter,
including: Advanced Vision Science renewing their Thornwood
location; CenCal Health leasing a building on Ekwill St; Northrop
Grumman renewed their lease on South La Patera Lane; and Google
signed an expansion at 301 Mentor Dr, bringing its footprint there
to 54,648 sf and leaving the property fully leased for the first time
since Mentor left. 
Goleta's vacancy rate maintained a trajectory of gradual contraction, landing at 8.5% at year-end. Offsetting much of the recordbreaking leasing activity mentioned above, several large spaces
became available in 2018.  The space at 71 S Los Carneros Rd is
reflected in the 8.5% year-end vacancy rate, but Apeel Sciences
leased the entire space in early 2019.
Commercial sales on the South Coast in 2018 did not quite match
the remarkable levels generated in the prior five years. The impacts
of the Thomas Fire and Montecito debris flow set a more subdued
pace for most of the year. 
There were several significant purchases in Goleta. The City of
Goleta bought the former Direct Relief International property
on South La Patera Lane where they are developing a new multimodal train station, construction is expected to be complete by
2023. The off-market sale of 75 Robin Hill Rd in Goleta for $27 million, and RAF Pacifica's purchase of five entitled parcels in Goleta's
Cabrillo Business Park, listed for $26 million were two significant
sales last year.
Goleta's lease transactions for the year totaled more than 600,000
square feet for the first time on record. However, 39% of that area
took the form of renewals, and Goleta's net absorption was just

22

GOLETA MAGAZINE

GoletaChamber.com

2019 is expected to be a similar year with the market more sensitive
to price and location. Rental rates, in general, are stable with no
expectation of significant growth in 2019.

By Francois DeJohn,
Hayes Commercial Real Estate

Target is poised to fill a niche
in Goleta, and is planning to
stay for a while after signing
a very long-term lease on the
former Kmart building.


http://www.GoletaChamber.com

Goleta Magazine 2019-2020

Table of Contents for the Digital Edition of Goleta Magazine 2019-2020

Contents
Goleta Magazine 2019-2020 - 1
Goleta Magazine 2019-2020 - 2
Goleta Magazine 2019-2020 - Contents
Goleta Magazine 2019-2020 - 4
Goleta Magazine 2019-2020 - 5
Goleta Magazine 2019-2020 - 6
Goleta Magazine 2019-2020 - 7
Goleta Magazine 2019-2020 - 8
Goleta Magazine 2019-2020 - 9
Goleta Magazine 2019-2020 - 10
Goleta Magazine 2019-2020 - 11
Goleta Magazine 2019-2020 - 12
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Goleta Magazine 2019-2020 - 18
Goleta Magazine 2019-2020 - 19
Goleta Magazine 2019-2020 - 20
Goleta Magazine 2019-2020 - 21
Goleta Magazine 2019-2020 - 22
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https://www.nxtbook.com/nxtbooks/goletavalley/goletatravelguide2019
https://www.nxtbook.com/nxtbooks/goletavalley/goletamag2018
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https://www.nxtbook.com/nxtbooks/goletavalley/goletatravelguide2016
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