DEVELOPMENT

DEVELOPMENT

With a background in construction development and project management, we desire to pursue value add opportunities. Past and current projects include ground up development, as well as the redevelopment of existing properties to maximize value. 

Goleta Hilton Garden Inn

The Rincon Palms Hotel development is on the corner of Hollister Avenue and Storke Road. This busy intersection is considered by many as the "Main and Main" location for the city of Goleta. Historically this vacant three-acre lot had never been developed. 

1100 Santa Barbara Street

Figueroa Investors Ltd., a California Limited Partnership, was formed by Kip and Sep in 2008 for the purchase of 201 E. Figueroa Street. Located directly across from the County of Santa Barbara Courthouse, the building was initially a single-story, 3,000 square foot law office. The partners promptly changed the address to 1100 Santa Barbara Street and began plans to complete a full redevelopment of this property. By working with local architects and planners they were able to double the size of the building, double the amount of on-site parking, and complete a remodel which was on budget and three months ahead of schedule. The building was 100% leased within nine months of completion. The project is the proud winner of the 2012 “Santa Barbara Beautiful” Award for new commercial buildings.
 
Originally purchased for $2.2M in 2008, the asset was sold in December 2012 for $5.1M--the highest $$/square foot office sale in Santa Barbara in recent years.

6868 Cortona

Cortona Opportunity Ltd., a California limited partnership, was formed by Kip and Sep in 2005 for the acquisition of the property located at 6868 Cortona Drive in Goleta, California. This 60,000 square foot research & development/industrial building is centrally located near the Santa Barbara Municipal Airport, the University of California-Santa Barbara, and the heart of the Goleta high-tech and retail corridor. In addition, the Property includes an adjacent 3.03-acre corner site located at the Storke Road and Hollister Avenue intersection and an approximately 2.56 acre easement area. Initially, the building and surrounding property, purchased for $8,150,000, was vacant, working through environmental clean-up, and in need of major renovation.
 
The partners saw a unique and dynamic opportunity to purchase this asset at a below-market price with a potential for strong cash-on-cash return upon improvement and stabilization. The building has now been completely renovated with cutting edge technology and energy efficiency. It is fully leased to A-credit, local companies, and is considered by some to be the most progressive R&D space in Goleta.

614 Chapala

After redeveloping 1100 Santa Barbara Street and selling the property at an opportune time in 2012, Figueroa Investors, Ltd. purchased 608-614 Chapala Street in May of 2013. This one-acre property is located near the heart of the downtown core, one-half block from Paseo Nuevo, the largest retail mall in downtown Santa Barbara. At the time of acquisition, there were 22,000 square feet of improvements leased by a regional camera and electronics retailer. Through diligent asset management, Kip and Sep entitled 6,000 square feet of additional improvements for the building, changed the use to be high-end executive office, and signed a new long-term lease with Sonos, Inc. During 2014, Daketta Pacific assisted in managing a major renovation and addition to the property with construction costs totaling approximately $4M. The property is now the world office headquarters for Sonos. 

Originally purchased for $2.2M in 2008, the asset was sold in December 2012 for $5.1M--the highest $$/square foot office sale in Santa Barbara in recent years.
Share by: