6865 Hollister Ave 116,612 SF Retail Building Goleta, CA 93117 $63,600,000 ($545.40/SF) 4.85% Cap Rate

Newmark Capital Markets is proud to present a rare investment opportunity for qualified investors: the acquisition of a fee simple interest in a premier, single-tenant, NNN-leased Target property, ideally situated in the vibrant coastal community of Goleta, within Santa Barbara County.

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.