Shopoff JV Buys California Office Campus
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, and its co-investment partner, Praelium Commercial Real Estate, have purchased the Castilian Technical Center in Goleta, California.
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, and its co-investment partner, Praelium Commercial Real Estate, have purchased the Castilian Technical Center in Goleta, California for approximately $61 million.
Castilian Technical Center is a three-building, nearly 166,000-square-foot office campus that sits on approximately 11 acres of land. The campus includes outdoor amenity spaces with indoor/outdoor meeting areas, patios, picnic tables and walking trails.
AppFolio occupies all three buildings as its company headquarters, with an 11-year triple net lease. Brian Rupp, Shopoff’s executive vice president of real estate noted that AppFolio is investing “significant capital” into the property for tenant improvements.
Located in Santa Barbara County, Castilian Technical Center is located within close proximity to the Santa Barbara Airport, University of California—Santa Barbara, Goleta Commuter Amtrak, and Downtown Santa Barbara. The surrounding area has become an 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.
The acquisition marks the second investment partnership between Shopoff and Praelium, following their March 2019 purchase of a 125,000-square-foot office property located in Charlotte, North Carolina.
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 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).
Praelium is a Southern California and Charlotte, North Carolina based real estate operating company that acquires and operates real estate in the Western and Southeast US.
