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 easement area. Initially, the building and surrounding property, purchased for $8,150,000, was vacant, working through environmental clean-up, and in need of major renovation.
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 A-credit, local companies, and is considered by some to be the most progressive R&D space in Goleta.