Schaff is the largest owner of office properties in Carpinteria. The property was listed for $16.45 million by Hayes Commercial Group.
Widely known as the “Venoco building,” the property has been leased by Venoco, Inc. since 2004 and was constructed in 1997. The property was sold as a NNN leased investment, with Venoco executing a 10-year lease extension. Although the sale price has not been disclosed, it is the highest value office property ever sold in Carpinteria.
Greg Bartholomew, Stephen Hayes and Francois DeJohn of Hayes Commercial Group represented the seller and Bob Tuler, Paul Gamberdella and Gene Deering of Radius Commercial Real Estate & Investments represented the buyer in the transaction.
“I never imagined becoming the owner of the most prestigious office building on the Central Coast, right here on the Carpinteria bluffs,” said Schaff. “Adding this unique office building to my portfolio speaks of my great confidence in the Carpinteria and South Coast office market.”
“I’m very pleased to have Venoco staying on as a long-term tenant in Carpinteria,” Schaff added.
“It’s very rare that a fully leased, ‘trophy’ property of this caliber comes to market,” Bartholomew said. “Even with the large price tag, there was substantial interest from investors from across the country.”
“Only a handful of office buildings in California can compare in terms of dramatic architecture, quality finishes and stunning ocean and mountain views,” Tuler added.
The Polloquin Kellogg Design Group designed the two-story building which employs steel and glass to capture maximum views and light while creating a striking, modern exterior.
The property is well-situated between Santa Barbara and Ventura, easily accommodating commutes from both cities.
Commercial sales on the south coast of Santa Barbara County reached record levels last year, and this first high-value transaction of 2013 continues the trend.