SoCal Collection Commands $235M

March 19, 2026

Investment Industrial News Office More West

This deal sets a new record in Santa Barbara.

Praelium has acquired a 17-building office, R&D and industrial portfolio spanning 733,497 square feet in Goleta, Calif., for $235 million, according to Yardi Matrix. Majestic Asset Management sold the collection.

This transaction was a recapitalization sale with Blackbird Investment Group and H.I.G. Capital also involved, according to Colliers, which brokered the deal alongside Hayes Commercial Group. CBRE provided debt and structured finance advisory.

Majestic amassed this collection between 2018 and 2022 in multiple separate deals, Yardi shows. The Towbes Group, LogMeIn and EastGroup Properties were among the companies that sold to Majestic.

With an average vintage of more than 26 years, the buildings debuted between 1959 and 1996. The low-rise facilities are one- and two-story buildings, averaging roughly 41,000 square feet each. Majestic improved the portfolio through tenant buildings, branding and various upgrades.

The tenant roster includes Lockheed Martin and satellite technology company Umbra Space, as well as Curvature, a reseller of IT equipment and server hardware, among other companies. Umbra and Curvature signed lease agreements just last year.

Industrial and R&D tenants leased 58 percent of the portfolio, reflecting strong demand from manufacturing, aerospace, defense, medical device and technology companies. It is these firms, along with a limited supply and powerful institutional ownership, that support long-term investor conviction in the market, Sean Fulp, vice chair at Colliers, said in prepared remarks.

The properties are located along Hollister Avenue, Castilian Drive, Cremona Drive, Bollay Drive and Ward Drive in Goleta. U.S. Route 101 runs on average within about 1 mile of the buildings. Downtown Los Angeles is more than 100 miles southeast.

Fulp brokered the deal together with Colliers Vice Chair Michael Kendall, as well as Executive Vice Presidents Mark Schuessler and Gian Bruno, in addition to Senior Vice President Kenny Patricia and Associate Vice President Blake Hammerstein. Hayes Commercial Group Partners Francois DeJohn and Caitlin Hensel provided local market expertise. CBRE Executive Vice Presidents Brad Zampa and Mike Walker advised on debt and structured finance.

The making of a new South Coast record

Praelium’s investment strategy centers on selecting markets with high-quality employment opportunities, driven by demographic trends, tech innovation and favorable global capital flows.

Majestic Asset Management, on the other hand, usually focuses on off-market deals. Since its inception in 1999, the firm has completed more than $1 billion in transactions encompassing 60 buildings with 4 million square feet of commercial space and 240 multifamily units.

The latest agreement between the two companies exemplifies both Praelium’s tactic of deploying capital across strategic employment hubs and Majestic’s off-market deal-making. Their $235 million transaction set a record across Santa Barbara’s South Coast market, as reported by Pacific Coast Business Times.