Numbers Down, Volume Up
Although the number of commercial sales in south SB county is down compared to the same time last year, dollar volume is up significantly. A few recent examples include LinkedIn’s purchase of their campus in Carpinteria for just over $30 million and the multi-tenant office/R&D property at 6300 Hollister in Goleta occupied by Wyatt Technology, Asylum Research and Seek Thermal selling to an investor for over $33 million. This trend of larger sales will continue through the remainder of the year as there are multiple transactions in the $15-$20 million range currently in escrow.
Speaking of large transactions, we'll see what happens with "The Enclave", aka the Procore campus, which is now on the market for sale for a cool $48 million.