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6865 Hollister Ave 116,612 SF Retail Building Goleta, CA 93117 $63,600,000 ($545.40/SF) 4.85% Cap Rate
Investment Highlights
- High Profile National Investment Grade Tenant
- Stable & Passive Investment Opportunity
- Affluent Coastal Market with High Barriers to Entry
- Ideal 1031 Exchange Opportunity
Executive Summary
This outstanding retail asset features a newly constructed, full-size Target store totaling approximately 116,612 square feet, positioned on a generous 7.64-acre site. The property is secured by a long-term, 20-year lease with Target Corporation—one of the nation’s most recognized and creditworthy retailers. The lease commenced just over five years ago and provides for attractive 10% rental escalations every five years, as well as four (4) additional ten (10) year renewal options, offering exceptional income stability and growth potential. Target selected this location in 2018 following decades of market exploration, underscoring the site’s strategic significance in the greater Santa Barbara area.
Goleta, located immediately north of Downtown Santa Barbara, is a highly desirable market bolstered by robust demographics and a thriving economy. The city is home to the University of California, Santa Barbara — consistently ranked among the Top 60 universities nationally, with an enrollment of 26,325 students. Both the university’s students and faculty contribute significantly to the Goleta submarket’s consumer base.
The property serves a broad primary and expanded trade area, encompassing the communities of Santa Barbara, Carpinteria, Montecito, Solvang, Santa Ynez, and Goleta itself — together boasting a population exceeding 153,000 residents and an average annual household income of $131,000. According to the 2022 Economic Census, Goleta’s robust retail market generated over $1.05 billion in sales, further highlighting the area’s retail vitality and the property’s prime positioning.
This offering represents an unparalleled chance to acquire a brand-new, state-of-the-art Target in a blue-chip Southern California location, backed by a secure, long-term lease structure in one of the most desirable and supply-constrained coastal markets in the United States.
Property Facts
Amenities
- Bus Line
- Dedicated Turn Lane
- Signage
Sustainability
Sustainability
ENERGY STAR® Energy Star is a program run by the U.S. Environmental Protection Agency (EPA) and U.S. Department of Energy (DOE) that promotes energy efficiency and provides simple, credible, and unbiased information that consumers and businesses rely on to make well-informed decisions. Thousands of industrial, commercial, utility, state, and local organizations partner with the EPA to deliver cost-saving energy efficiency solutions that protect the climate while improving air quality and protecting public health. The Energy Star score compares a building’s energy performance to similar buildings nationwide and accounts for differences in operating conditions, regional weather data, and other important considerations. Certification is given on an annual basis, so a building must maintain its high performance to be certified year to year. To be eligible for Energy Star certification, a building must earn a score of 75 or higher on EPA’s 1 – 100 scale, indicating that it performs better than at least 75 percent of similar buildings nationwide. This 1 – 100 Energy Star score is based on the actual, measured energy use of a building and is calculated within EPA’s Energy Star Portfolio Manager tool.
Nearby Major Retailers
Property Taxes
| Parcel Number | 073-100-033 | Improvements Assessment | $5,649,319 |
| Land Assessment | $17,002,281 | Total Assessment | $22,651,600 |
Property Taxes
