Market Wire, October, 2009
SARES REGIS Group broke ground today for
development of six buildings in the first phase of the planned 96-acre
Cabrillo Business Park in Goleta, Calif. Three office buildings, two
retail buildings and a self-storage facility are included in the 14-acre
phase.
“Demand for high-quality commercial facilities is greater in this market
than anywhere in California because virtually nothing has been built here
in the last 10 years. We fully expect the buildings to be leased up or
sold in short order,” said Steve Fedde, senior vice president for the
Ventura Region of SARES REGIS Group, which is headquartered in Irvine,
Calif.
The office buildings will total 175,000 square feet. The retail development
will total 17,500 square feet and the self-storage facility will total
72,000 square feet. Mark Mattingly and Greg Bartholomew of Pacifica
Commercial Realty’s Santa Barbara office are marketing the project, which
also can be viewed online at www.cabrillobusinesspark.com .
Mattingly said the vacancy rate for Class A office space is approximately 3
percent of a total 1.5 million-square-foot inventory of premium office and
R&D; space. The nearby University of California at Santa Barbara in Goleta,
which generates a steady stream of new technological and scientific
companies in the area, is responsible for creating much of the high demand
for commercial facilities, he said.
Company officials held a ground breaking ceremony that was attended by many
key city government and business officials. Cabrillo Business Park is at
Hollister Avenue and Los Carneros Road, adjacent to the Santa Barbara
Municipal Airport.
Kristen Amyx, president and chief executive officer of the Goleta Valley
Chamber of Commerce, said only one other office building had been developed
in Goleta “in recent memory” and that the ground breaking event “is more
than symbolic for the future of business in Goleta.”
“The Cabrillo Business Park plays a key role in sacramento homes the business community in
Goleta in terms of start-up companies from UCSB, the growth of our existing
clean technology companies and in development of our technology corridor
between L.A. and San Francisco,” she said.
The Goleta City Council approved the Cabrillo Business Park in 2007. It is
the largest commercial development ever proposed on the south coast. The
plan calls for development of 956,000 square feet of state-of-the-art
research-and-development facilities adjacent to the Santa Barbara Municipal
Airport.
Cabrillo Business Park is planned for 12 one- and two-story flex buildings
up to 80,000 square feet. Forty-six percent of the site will remain as
natural or landscaped open space. It will include 19 acres of restored and
expanded wetlands and grasslands with publicly accessible trails.
SARES REGIS Group, has had a central coast regional office for more than 20
years