AppFolio office building in Goleta sold for nearly $14 million

GOLETA, Calif. – One of the three buildings at the AppFolio headquarters campus in Goleta was recently purchased for $13.9 million by an investor.

The building, located at 50 Castilian Drive, was leased by AppFolio with more than 10 years of the term remaining before the sale, according to Ted Hoagland, spokesman for Hayes Commercial Group.

Shopoff Realty Investments, Praelium Commercial Real Estate, and Blackbird Investment Group were represented by the Hayes Commercial Group as a joint venture.

The groups purchased the entire 165,905 square-foot property in December of 2020, but were able to position the offering at a lower price point to buyers by dividing the property into three buildings and then selling them separately from the land, Hoagland said.

“We are seeing considerable interest in assets in this price range, including the other two buildings at this location," said Steve Hayes. "There are vastly more $10 to $15 million buyers than we would see for the whole campus, so selling the buildings individually was a creative disposition strategy by the venture.”

The other two buildings, at 70 and 90 Castilian Drive, are still for sale.