IRVINE, Calif., Jan. 5, 2021 /PRNewswire/ — Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate investments, announced today that the company has acquired Castilian Technical Center located at 50, 70 and 90 Castilian Drive in the city of Goleta, in Santa Barbara County, CA. The property was acquired in conjunction with co-investment partner Praelium Commercial Real Estate, and is the second project the two firms have partnered on together.
The recently renovated property includes 10.82 acres comprised of a fully renovated, three-building, 165,905-square-foot creative office campus. The campus features extensive outdoor amenity spaces with indoor/outdoor meeting areas, patios, picnic tables and walking trails. The property is conveniently located between US Highway 101 and Hollister Avenue, providing ease of access to Santa Barbara Airport, University of California, Santa Barbara, Goleta Commuter Amtrak and Downtown Santa Barbara.
“The Castilian Office Campus is a stellar property in a well-established tech corridor within the coastal market of Santa Barbara,” explained Shopoff Realty Investments president and chief executive officer, William Shopoff. “This office campus will provide a stable asset of fantastic value to our portfolio, with the Goleta–Santa Barbara area in high demand due to its entrepreneurial quality for startups.”
Located less than two miles from the property, University of California, Santa Barbara is a leading center for teaching and research, with Forbes ranking the college as one of the top schools for entrepreneurship. The surrounding area has become a dynamic engineering and technology corridor in recent years, and is home to Raytheon, Google, LinkedIn, Citrix, FLIR, Yardi Systems, Orbital ATK, LogMeIn, and more than 100 defense contractors.
Scott G. San Filippo, founding principal of Praelium Commercial Real Estate, added, “We are pleased to expand our partnership with Shopoff in this quality asset backed by superior long-term credit, and hope to build on our success with additional investments in the Santa Barbara market.”
AppFolio occupies all three buildings as its company headquarters, with an 11-year triple net lease. Founded in 2006, AppFolio offers industry-specific, cloud-based business software solutions, services, and data analytics to the real estate and legal markets.
Brian Rupp, Shopoff Realty Investment's executive vice president of real estate added, “AppFolio has fully leased the office campus, and is also investing significant capital into the property for tenant improvements. This further demonstrates their commitment to this property, and helps to support the property's long-term value.”
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 28-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 29-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
About Praelium Commercial Real Estate
Praelium is a Southern California and Charlotte, NC based real estate operating company that acquires and operates real estate in the Western and Southeast US.
This is not an offering to buy or sell any securities. Such offer may only be made through the offering's memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 2 Park Plaza, Suite 770, Irvine, CA 92614, (844) 4-SHOPOFF.
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