GOLETA – In an off-market transaction, Majestic Asset Management, Inc recently purchased 120 Cremona Drive, a 58,000 square-foot multitenant office/R&D building in Goleta. The seller was EastGroup Properties. The closing price was $13.125 million.

Located centrally in the burgeoning Hollister Avenue business corridor, 120 Cremona Drive is adjacent to two Majestic-owned properties at 125 and 175 Cremona Drive, creating a combined campus of 191,000 square feet on 11.1 acres.

Francois DeJohn and Steve Hayes of Hayes Commercial Group represented all parties in the sale.

Based in Agoura Hills, Majestic Asset Management manages, owns and develops investment property primarily in Los Angeles, Ventura, and Santa Barbara counties. Their portfolio in the greater Santa Barbara area has included about 22 successful commercial and apartment properties, in addition to their portfolio in other regions. In 2020 alone, Majestic completed six sale transactions totaling more than $47 million in Goleta.

“This was a great opportunity for Majestic to expand and brand an office/R&D campus in a prime location,” DeJohn said. “Majestic always looks to add value and will improve the property with modern indoor and outdoor amenities to attract tech, defense, and bioscience tenants.”

Approximately 10% of the building is vacant, and Majestic Asset Management and Hayes Commercial are marketing the space for lease, allowing tenants to have input regarding the buildout to meet their specific needs.