The 29-acre former QAD campus — which stands atop a hillside bluff overlooking the 101 and the ocean between Montecito and Summerland — was reportedly sold for over $100 million to the University of California in a deal that was finalized last week, according to a deed filed with the county assessor’s office.
QAD, a software company that vacated the campus when its operations went to a “virtual-first model,” had put the property on the market in May. The two buildings situated at the end of Innovation Place include over 122,000 square feet of fully operational office space.
According to the grant deed, which was signed on June 23, the sale was for an estimated $104 million, with a documentary transfer tax total of $114,440. The property was officially acquired by UC Investments, which handles the investment portfolios for the University of California.
UC Santa Barbara has not provided official comment on the sale, or whether the university has plans for the new property as classrooms or housing space.
Correction: A previous headline stated the property was purchased by UCSB. A university spokesperson clarified that the property sale was handled by UC Investments, which manages a portfolio of investments for the University of California system, totaling approximately $161 billion.