Updated Nov 9, 2026
McCabe Properties LLC Acquires Target Store In Goleta From Merlone Geier Partners For $61.67M
6865 Hollister Avenue
$61,670,000
$528/SF
Building Size
116,612 SF
Asset Type
Retail
Closing
Nov 2, 2026
About this deal
AI
The asset involved in this transaction is a retail property located at 6865 Hollister Avenue in Goleta, CA. It encompasses 7.64 acres and has a total area of 116,612 square feet. The transaction was concluded for a sale price of $61,670,000, equating to approximately $529 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $61,670,000
- Address: 6865 Hollister Avenue
- Market: Goleta, CA
- Total Square Footage: 116,612
- Price per Square Foot: $529
- Buyer: McCabe Properties LLC
- Seller: Peter Merlone - Merlone Geier Partners
- Brokers: Bill Bauman & Kyle Miller - Newmark
- Acres: 7.64
Bill Bauman and Kyle Miller from Newmark represented the transaction between the buyer, McCabe Properties LLC, and the seller, Peter Merlone of Merlone Geier Partners. This sale is noted as the West Coast’s largest single-tenant retail transaction of 2026 and demonstrates the investment market's interest in properties featuring investment-grade tenants such as Target.
On the Map
$61,670,000
$528/SF
Retail
View full map
Players
Avenue Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Deal FAQ
Visit Bill Bauman to view all their deals.
Browse California retail sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93