HOLLISTER BUSINESS PARK

Transcription

1 HOLLISTER BUSINESS PARK HOLLISTER AVE, GOLETA, CA Dramatically renovated office/r&d campus 142,206 sf on acres 6.0% PRO FORMA CAP RATE

2 INVESTMENT HIGHLIGHTS Institutional-quality office/r&d campus, remodeled with high-end creative improvements including exposed ceilings, skylights, freestanding gym, and landscaped outdoor break area Great location in Goleta s thriving technology corridor, near UCSB and Santa Barbara Airport 6.0% cap rate on projected income High barriers to entry in Santa Barbara area market Highly educated employee base Raytheon, Citrix, Flir, Yardi Systems, Medtronic, AppFolio, and many other engineering/tech firms located nearby 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 2

3 INVESTMENT OVERVIEW Price: $39,950,000 ($281 psf) Cap Rate: 6.0% (projected) Brokerage: 0.5% to cooperating agent ituated near UCSB, Santa Barbara Airport, Sandpiper Golf SCourse, and the breathtaking Ellwood Bluffs, this 142,206 sf office/r&d campus on acres presents an ideal asset to capitalize on Goleta s booming technology corridor. Much of the campus was recently meticulously remodeled by Citrix Systems with high-end creative office finishes. Address: Hollister Ave, Goleta Year Built: 1986 Rentable Square Feet: 142,206 SF (five buildings) Lot Size: Acres (503,554 SF) on one parcel Tenants: Citrix Systems, LogMeIn, InTouch Health, Moog Property Type: Majority office/r&d, some warehouse Zoning: M-RP (Business Park) APN: Parking: 390 spaces (2.74/1,000) 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 3

4 Site/Parking Plan ,906 SF (Gym) LogMeIn (3,906) ,855 SF In Touch Health (24,524) Moog (19,398) Vacant (8,933) Outdoor Break Area ,970 SF Vacant (38,970) ,450 SF LogMeIn (18,450) ,025 SF InTouch Health (28,025) Subleased from Citrix Systems HOLLISTER AVE 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 4

5 Income and Tenants Tenant Suite Square Feet Term (months) Lease Begin Lease End Current Base Rate Current Monthly Rent Next Increase Date Next Base Rent Security Deposit Rent Adj Options CAM % Lease Type Comments Citrix , /01/10 06/30/20 $1.37 $38, /01/17 $39, $32, cpi, 3%, 6% na 20.26% NNN Sublease to InTouch Health InTouch 7402 same 39 07/01/20 09/30/23 $ /01/21 $42, % fixed One FMV NNN Direct lease after sublease expires Moog 7406, , /01/16 05/31/23 $1.11 $21, /01/17 $22, $31, Fixed One FMV 14.03% NNN One-time right to terminate at 5 years InTouch 7406, , /01/16 09/30/23 $1.20 $29, /01/17 $30, $124, % fixed One FMV 17.73% NNN TBD 7406, 200 8, % LogMeIn , /01/17 04/30/18 $2.13 $39, /01/18 $40, $0.00 3% fixed Two 3% 13.34% NNN Logmein has obligation to restore to 100% office TBD , % LogMeIn , /01/17 04/30/22 $2.16 $8, /01/18 $0.00 3% fixed na na GR Building sits on a 15k sf piece of land Totals 142,206 $137, % Founded: 2003 NASDAQ: LOGM HQ: Boston, MA Founded: 1989 NASDAQ: CTXS HQ: Fort Lauderdale, FL Founded: 2002 HQ: Goleta, CA Founded: 1951 HQ: East Aurora, NY A provider of software as a service and cloud-based remote connectivity services for collaboration, IT management and customer engagement. The company s products give users and administrators access to remote computers. In July 2016, LogMeIn announced a merger with the Citrix Online GoTo family of collaboration products. A diverse software, networking, and cloud technology company, this growing entity provides solutions to more than 400,000 organizations and 100 million users globally. Citrix Systems, Inc. marked $2.38 billion of income in 2015 and continues to push the limits of productivity. InTouch Health is a telehealth network seamlessly connecting physicians to patients across the world. With over 200,000 physician encounters a year and growing at a rate of one new hospital a day, this company is expanding access to clinical care when and where it is needed. Moog, Inc. is a worldwide designer, manufacturer, and integrator of precision motion control products and systems. Its systems control military and commercial aircraft, satellites and space vehicles, launch vehicles, missiles, industrial machinery, marine applications, and medical equipment. 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 5

6 HOLLISTER AVE is a single-story office/r&d building, recently remodeled extensively by Citrix. Currently subleased by InTouch Health with a direct lease in place after sublease expires. Size: Tenant: HVAC: Restrooms: Sprinklers: Skylights: Ceiling Height: Power: Generator: Construction: 28,025 SF InTouch Health Throughout Two sets, one with shower 18-foot exposed ceilings, some dropped areas 800 amps Year Built: kw, 438 kva Prime with fullheight enclosure Concrete tilt 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 6

7 7406 HOLLISTER AVE 7406 offers a mixture of office/r&d space and high-bay warehouse with heavy power and dock-high loading. The office/lab areas occupied by InTouch Health were meticulously remodeled by Citrix. Size: Tenants: HVAC: Restrooms: Sprinklers: Elevator: Ceiling Height: Power: Loading: Construction: 52,855 SF InTouch Health (24,524 SF) Moog (19,398 SF) Vacant (8,933 SF) AC in office areas; heat in warehouse Three sets Year Built: 1986 Can be installed 24 in warehouse areas 1,600 amps 1 ground-level roll-up on west side; 2 dock-high roll-ups on east side Concrete tilt 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 7

8 7408 HOLLISTER AVE 7408 is a single-story office/r&d building that was partially converted to a server facility by Citrix. LogMeIn has an obligation to remove the server improvements and restore the building to 100% office/r&d. Size: Tenant: HVAC: Restrooms: Sprinklers: 18,450 SF (per lease) 18,776 SF (with addition) LogMeIn Throughout Two sets, one with shower Ceiling Height: 16 Generator: Construction: Year Built: 1987 Concrete tilt 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 8

9 7410 HOLLISTER AVE 7410 is a single-story office/r&d building, recently remodeled with creative office finishes by Citrix. Size: 38,970 SF Tenant: Available 5/1/17 HVAC: Restrooms: Sprinklers: Skylights: Ceiling Height: Power: Generator: Construction: Throughout Two sets 18-foot exposed ceilings, some dropped areas 800 amps No Year Built: 1987 Concrete tilt 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 9

10 7412 HOLLISTER AVE 7412 is a single-story building, remodeled and expanded in 2007 as a free-standing gym. Size: 3,906 SF Tenant: LogMeIn HVAC: Restrooms:, with showers Year Built: E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 10

11 SITE 222 E. Carrillo Street, Suite 101, Santa Barbara, California HayesCommercial.com 11

12 AERIAL VIEW LOOKING WEST HOLLISTER AVE