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Praelium, Shopoff JV Snags Santa Barbara Tech Campus
Irvine-based Shopoff Realty Investments and Praelium Commercial Real Estate acquired Castilian Technical Center, a 165,905-square-foot headquarters property in Goleta. The sellers were a JV between Montana Avenue Capital Partners (MAC) and Brasa Capital, which had acquired the property in early 2020 for $35 million.
Located at 50-90 Castilian Dr., the asset includes the three-building HQ of AppFolio, a tech company specializing in a cloud-based business software solution. The campus features outdoor amenity spaces with indoor/outdoor meeting areas and walking trails.
CBRE’s Sean Sullivan, Mike Longo, Todd Tydlaska, and Will Pike, alongside Hayes Commercial Group’s Steve Hayes and Francois DeJohn represented the seller.
Sullivan says, “The buildings and campus are spectacular and exactly what you expect from a growing software company that is continually recruiting tech talent. While a relatively small market, pound for pound, Goleta has as much tech demand as anywhere in Southern California and, given the high cost of land and barriers to entry, it’s a very attractive place to invest.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

