Newmark is pleased to present the opportunity to acquire the leasehold interest in 70 Castilian Drive, a 86,290-square-foot creative office building located in the Castilian Creative Campus in Goleta, CA. The property is 100% NNN leased to AppFolio through February 2032, providing investors a secure cash flow by a publicly traded, credit tenant. The building also has a favorable ground lease in place with 98 years of term remaining.
Santa Barbara County has become one of the fastest growing tech hubs in California, with major companies including Google, Microsoft, and Yardi Systems occupying large quantities of office space. The large and growing presence of tech tenants can be attributed to Santa Barbara’s ample supply of tech talent from UCSB, its recognition as one of the pioneers in quantum computing, as well as its high quality of life. The property is also ideally located adjacent to the 101 Freeway, allowing for quick access to the area’s abundant amenities as well as the Conejo Valley and northern Los Angeles County.
Investors have the opportunity to tap into one of the fastest growing tech hubs in the nation with a long-term lease already in place. This allows an investor to collect secure income for the next 10 years without the worry of re-tenanting the building.