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6868 Cortona Drive, Goleta

Cortona Opportunity Ltd., a California limited partnership, was formed by Kip and Sep in 2005 for the acquisition of the property located at 6868 Cortona Drive in Goleta, California. This 60,000 square foot research & development/industrial building is centrally located near the Santa Barbara Municipal Airport, the University of California-Santa Barbara, and the heart of the Goleta high-tech and retail corridor. In addition, the property includes an adjacent 3.03-acre corner site located at the Storke Road and Hollister Avenue intersection and an approximately 2.56 acre open space area. Initially, the building and surrounding property, purchased for $8,150,000, was vacant and needed significant renovation and environmental clean-up. 

The partners saw a unique and dynamic opportunity to purchase this asset at a below-market price with a potential for strong cash-on-cash return upon improvement and stabilization. The building has now been completely renovated with cutting edge technology and energy efficiency. It is fully leased to three A-credit, high tech companies, and is considered by some to be the most progressive R&D space in Goleta.

The 3.03-acre corner site has been developed into a successful Hilton Garden Inn and the 2.56-acre vacant land has been developed into the Goleta Energy Project, the latter providing backup electrical storage for the city of Goleta.

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