A Southern California industrial portfolio just fetched a record sale price.
Irvine-based Praelium Commercial Real Estate acquired a 17-building office, industrial and research and development portfolio in Goleta for $235 million, Commercial Property Executive reported, citing data from Yardi Matrix. Agoura Hills-based Majestic Asset Management sold the 733,497-square-foot collection.
The $235 million figure set a record in Santa Barbara’s South Coast market, the Pacific Coast Business Times reported. Majestic put together the 17-building Tech Park @ Goleta Portfolio in multiple, separate deals between 2018 and 2022, per Yardi Matrix. The properties in Goleta are located in five business parks along Hollister Avenue, Castilian Drive, Cremona Drive, Bollay Drive and Ward Drive.
The buildings rise one and two stories and average approximately 41,000 square feet each. Under Majestic’s ownership, the properties underwent improvements including new tenant buildings, branding and various other upgrades. Tenants at the buildings include Lockheed Martin and satellite technology company Umbra Space, as well as Curvature, a reseller of information technology equipment and server hardware. Umbra and Curvature signed lease agreements last year.
Industrial and R&D tenants occupy 58 percent of the portfolio, speaking to strong demand from companies in the manufacturing, aerospace and defense, medical device and technology sectors.
The purchase comes as industrial experts in Southern California predict a post-pandemic return in demand for product across the region, The Real Deal reported. Rent drops in Greater Los Angeles have slowed amid the growing need for data centers across the country as the artificial intelligence sector grows, according to a Q4 2025 report from Avison Young. Sales volume in the L.A. area reached $1.2 billion in the fourth quarter, representing a quarter-over-over increase of 8.6 percent and a 6 percent year-over-year jump, per CBRE data.
The market appears to be reaching equilibrium after “hit[ting] the bottom” following a period of “unprecedented demand in leasing absorption,” Jason Hans of Affinius Capital told TRD. Developers are now looking to meet increased demand for taller, more “sophisticated” spaces with new construction, Hans said, noting investors are “very bullish about new development that’s going to be delivered in late 2027 and into 2028” as “markets [are] starting to tighten with a very limited development pipeline.”— Chris Malone Méndez
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