AppFolio Office Building in Goleta Sold for $13.9 Million
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GOLETA, California — One of the three buildings in the Appfolio headquarters campus, 50 Castilian Drive, was purchased by an investor for $13.9 million. The leasehold interest sale was of the building itself, combined with a 99-year ground lease on the underlying 3.35-acre parcel. The building is leased by Appfolio with more than 10 years of term remaining, providing a 5.37% capitalization rate to the new owner.
The seller was a joint venture by Shopoff Realty Investments (“Shopoff”), Praelium Commercial Real Estate (“Praelium”), and Blackbird Investment Group (“Blackbird”). Representing the seller were Sean Fulp & Matt Berres of Newmark and Steve Hayes & Francois DeJohn of Hayes Commercial Group.
