Description

Colliers, as exclusive advisor, is pleased to present the opportunity to acquire the fee-simple interest in Enclave @ Carpinteria ("Enclave," the "Property" or "Project"), a three-building advanced manufacturing and office/flex campus totaling 121,230 square feet across 9.47 acres fronting the Pacific Ocean in Carpinteria, California. Enclave represents an extremely rare opportunity to acquire a large-scale coastal campus offering institutional-quality improvements, flexible R&D and advanced manufacturing functionality, substantial electrical infrastructure and immediate access to Highway 101.

More than $15 million was invested in tenant build-outs between 2014 and 2020, with additional capital invested in subsequent years. The Property supports a broad range of sophisticated users across engineering, aerospace and defense, medical devices, life sciences, technology and other innovation-driven industries, while its multi-building configuration allows multiple functions to be consolidated within a single controlled environment.

Although the Property is currently 100% leased, Continental AG is expected to vacate and Procore Technologies is anticipated to downsize its occupancy footprint, creating near-term flexibility for an owner/user, opportunistic investor or developer to pursue occupancy, re-leasing, repositioning or longer-term redevelopment strategies.

Enclave is strategically located along the Santa Barbara South Coast innovation corridor, connecting Carpinteria with Santa Barbara, Goleta and UC Santa Barbara. The region has developed into an increasingly important concentration of technology, aerospace and defense, quantum computing, photonics, medical technology and advanced engineering companies, supported by UCSB's world-class research ecosystem and highly educated workforce.

In addition to its near-term value as an R&D and advanced manufacturing campus, the Property may offer meaningful long-term redevelopment optionality. Enclave's M-RP zoning permits mixed residential/industrial development through the applicable approval process, creating the potential to evaluate a complementary residential component while retaining an employment-oriented primary use.

Enclave @ Carpinteria offers a generational opportunity to acquire a highly improved coastal campus within one of Southern California's most supply-constrained markets. The combination of scale, existing improvements, specialized infrastructure and proximity to the Santa Barbara South Coast innovation ecosystem creates a highly differentiated asset with few true substitutes anywhere in Southern California.