Five Entitled Parcels Sold in Goleta Totaling 11 Acres

Five parcels in Goleta lying due west of the Santa Barbara Municipal Airport have sold for somewhere near the asking price of $26 million, Hayes Commercial real estate announced on December 17, to RAF Pacifica Group of San Diego. The 11-plus acres come with entitlements for four industrial or R&D buildings of a single-story each, and one office building two stories tall, with square footage of between 16,000 and 45,000 square feet.

The five parcels represent the last of the 92 acres that hold entitlements to build at the Cabrillo Business Park, where Delco used to be. Currently, FLIR, Deckers, Ergomotion, Texas Instruments, and UCSB offices are at the property at the intersection of Los Carneros Road and Hollister Avenue. Developer Sares-Regis bought the land in 1998 and initially broke ground on the nearly 1 million square feet of commercial space in 2009, said to be the largest of its kind between Los Angeles and San Jose.

According to Steve Leonard of RAF Pacifica, construction will begin in early 2019 and be completed by the fall of 2020. In describing the structures, he 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.”