This Santa Barbara, California, sale was one for the record books.
UC Investments, which manages the University of California's investment funds, acquired the roughly 123,000-square-foot 100 Innovation Place for $104 million, or about $846 per square foot, in July 2022 in what was the largest Santa Barbara County office sale ever, according to CoStar data.
That high value for a commercial property near the water helped the deal win a CoStar Impact Award for sale of the year in Santa Barbara, selected by a panel of local industry professionals.
The seller was Santa Barbara-based software company QAD. The company no longer needed the office space and preferred working remotely after the pandemic started.
The massive office sale was unusual for Santa Barbara County. At the time, the next highest office deal in terms of total price was $36.3 million for 1001 State St., a roughly 50,000-square-foot building.
About the project: The 28-acre campus sits on a hilltop overlooking the Pacific Ocean. The owner was considering leasing the property to tech tenants or using it for academic purposes.
What the judges said: "Although all the sales submissions were impressive, 100 Innovation Place set the high-water mark for transaction value and was a trophy property," said Jason Hart, principal of Hart Commercial Real Estate.
They made it happen: Radius Commercial Real Estate's Executive Vice President Austin Herlihy and Principal Brad Frohling along with Cushman & Wakefield Vice Chairman Rick Ingwers and Executive Director Brad Rogers.