Santa Barbara, California-based Somera Capital Management has acquired an eight-acre site in Goleta, California from Verizon California, Inc. Financial terms of the deal were not disclosed.
The property was acquired through the firm’s $300 million value-added real estate vehicle, Somera Realty Value Fund II. The site is home to three properties, including a 25,000-square-foot office building, and two warehouse properties totaling approximately 24,000 square feet.
Located on Patterson Avenue near the intersection of Hollister Avenue and close to Highway 101, the property had been “under-utilized” and prime for repositioning, David Brown, Somera Capital president, said in a statement.
Verizon will continue to lease the two warehouse properties. Somera plans to renovate the office building and lease the property.
Somera Capital Management, founded in 1994, operates out of offices in Santa Barbara, Washington DC and Denver, Colorado. It has acquired and managed 68 assets with total market value of approximately $2.2 billion.