Majestic Asset Management Acquires Property At 320 Storke Rd In Goleta For $50.7M With Francois DeJohn As Buyer's Rep
SOLD
$50,700,000
California
See Similar DealsIndustrial194,625 SF
SOLD
Majestic Asset Management Acquires Property At 320 Storke Rd In Goleta For $50.7M With Francois DeJohn As Buyer's Rep
320 Storke Rd, Goleta, CA, 93117
See Similar DealsIndustrial194,625 SF
Summary
CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$260
Total Square Footage:194,625 SF
Transaction Type:Sale
A six-building industrial/R&D campus located at 320 Storke Rd, Goleta, CA, 93117 has been sold for $50,700,000. The total size of the property is 194,625 square feet and is situated on 11.9 acres within the Goleta market.
Summary of transaction details:
- Property Type: Industrial/R&D Campus
- Transaction Amount: $50,700,000.00
- Address: 320 Storke Rd, Goleta, CA, 93117
- Market: Goleta
- Buyer: Majestic Asset Management
- Buyer's Representative: Francois DeJohn
The transaction was executed as an off-market deal and is part of a portfolio previously managed by The Towbes Group. Several tenants occupy the asset, including Lockheed Martin, Alcon Research, Electro Optical Industries, The Good Work Space, DeLabs, and Santa Barbara Imaging Systems. Steve Hayes of Hayes Commercial Group also represented the buyer in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,704,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$180,126.38
Cash-on-Cash Return-1.27%
Monthly Debt Service$240,343.87
Annual Debt Service$2,884,126.39
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