6865 Hollister Ave · Goleta, CA 93117 · Grocery / Big Box
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High Profile National Investment Grade Tenant
Target (NYSE: TGT) is the 6th largest retailer in the world with over $107 billion in sales, 1,956 stores, and 440,000 employees
In 2024, Target ranked #90 on the Fortune 500 list of largest U.S. corporations by total revenue and currently has a market cap that exceeds $66 billion
Investment grade credit rating of A2 (Moody’s) and A (S&P)
#1 Target in Santa Barbara County and #2 within a 50-mile radius (Placer.ai) with a reported 2 million visits in the last 12 months
Affluent Coastal Market with High Barriers to Entry
Only full-size Target in Santa Barbara serving the communities of Santa Barbara, Montecito, Santa Ynez, Solvang, Carpentaria, and the students of UC Santa Barbara
This location pulls from an expanded trade area that spans over 153,000 consumers
Irreplaceable location with no threat of competition given the limited big box inventory and developable land, coupled with strict coastal development regulations
Target spent decades trying to find a home in Santa Barbara, evidencing their desire and targeted sales expectations for the submarket
Goleta is home to UC Santa Barbara, the 52nd ranked higher education institutions in the United States, with an enrollment of 26,325 students
Stable & Passive Investment Opportunity
Outstanding remaining lease term, expiring in 2040, with 10% increases every 5-years and four (4) ten (10) year options to extend
Extremely stable and passive opportunity with minimal landlord obligations
Target and the landlord have invested significant capital into the redevelopment of this location, further proving their overall commitment and confidence in this location
Newly renovated “state-of-the-art” Target store
Ideal 1031 Exchange Opportunity
Offered free and clear of existing debt, allowing maximum flexibility for trade buyers
The fee simple lease structure, provides investors the opportunity to depreciate the improvements and enhance overall returns
Newmark Capital Markets is proud to present a rare investment opportunity for qualified investors: the acquisition of a fee simple interest in a premier, single-tenant, NNN-leased Target property, ideally situated in the vibrant coastal community of Goleta, within Santa Barbara County.
This outstanding retail asset features a newly constructed, full-size Target store totaling approximately 116,612 square feet, positioned on a generous 7.64-acre site. The property is secured by a long-term, 20-year lease with Target Corporation—one of the nation’s most recognized and creditworthy retailers. The lease commenced just over five years ago and provides for attractive 10% rental escalations every five years, as well as four (4) additional ten (10) year renewal options, offering exceptional income stability and growth potential. Target selected this location in 2018 following decades of market exploration, underscoring the site’s strategic significance in the greater Santa Barbara area.
Goleta, located immediately north of Downtown Santa Barbara, is a highly desirable market bolstered by robust demographics and a thriving economy. The city is home to the University of California, Santa Barbara — consistently ranked among the Top 60 universities nationally, with an enrollment of 26,325 students. Both the university’s students and faculty contribute significantly to the Goleta submarket’s consumer base.
The property serves a broad primary and expanded trade area, encompassing the communities of Santa Barbara, Carpinteria, Montecito, Solvang, Santa Ynez, and Goleta itself — together boasting a population exceeding 153,000 residents and an average annual household income of $131,000. According to the 2022 Economic Census, Goleta’s robust retail market generated over $1.05 billion in sales, further highlighting the area’s retail vitality and the property’s prime positioning.
This offering represents an unparalleled chance to acquire a brand-new, state-of-the-art Target in a blue-chip Southern California location, backed by a secure, long-term lease structure in one of the most desirable and supply-constrained coastal markets in the United States.
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Asking-market observation aggregated from public listing sources, last observed Sep 11, 2026. Figures are asking price and asking cap rate as published by the listing party, not a verified closed transaction. Lease terms shown where reported by the listing party and not independently verified. Shown for market reference only; this is not an offering. Investment Grade Income Property, LP represents buyers on a cooperating commission basis.