Savills Studley Announces Sale of Carrillo Plaza in Downtown Santa Barbara
Los Angeles, CA (January 26, 2015)  

Carrillo Plaza, an urban shopping center located at 210 W. Carrillo Boulevard in downtown Santa Barbara, has been sold after a successful repositioning of the property by owner Carrillo Holdings, LLC, a private Santa Barbara-based real estate company. The purchase price was approximately $12.2 million. Anchored by Starbucks Coffee Company, the +/-18,743 -square-foot retail plaza is comprised of a mix of neighborhood businesses including local favorite Tino’s Italian Grocery, which moved here from the De la Guerra St. location it occupied for more than 40 years.

The property sits at the corner of De La Vina Street and Carrillo Boulevard, a major thoroughfare connecting Highway 101 with the downtown corridor and prominent retail, cultural and historic attractions such as State Street, The Granada Theater and The Historic Presidio. It is bordered by residential neighborhoods to the west and east.

The property was completely renovated over the last four years in keeping with the area’s Mission Revival style of architecture. The ownership upgraded building systems and added amenities such as an outdoor patio and complementary landscaping.

Bill Bauman, executive vice president, and Kyle Miller, corporate managing director, of Savills Studley represented the seller in the transaction.

“The timing was right to take an advantage of a dynamic marketplace and leverage the successful repositioning of the property,” said Miller, who added, “the seller invested the capital needed to enhance the appeal of the center, attract tenants, and ultimately realize a rewarding sales price.”

The buyer was New Group-Santa Barbara, LLC, a private Los Angeles-based real estate company. “This opportunity met all of the buyer’s investment criteria, including the property’s location in a coastal, high-barrier-to-entry trade area, its high visibility within the submarket, and the stability of the asset,” stated Bauman.

This is the sixth transaction Savills Studley has executed on behalf of the seller in Santa Barbara in the last 18 months. Other notable sales included the single-tenant Union Bank in Montecito for $16 million and the SONOS building and Anacapa Project in the Funk Zone for +/- $19 million and $12 million, respectively.

About Savills Studley

Savills Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, the firm pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, supported by high quality market research and in-depth analysis, Savills Studley provides strategic real estate solutions to organizations across all industries. The firm’s comprehensive commercial real estate platform includes brokerage, project management, capital markets, consulting and corporate services. With 29 offices in the U.S. and Canada, and a heritage of innovation, Savills Studley is well known for tenacious client advocacy and exceptional service.

The firm is part of London-headquartered Savills plc, the premier global real estate service provider with over 30,000 professionals and over 700 locations around the world. Savills plc is listed on the London Stock Exchange (SVS.L).

For more information, please visit www.savills-studley.com and follow us on Twitter @SavillsStudley and LinkedIn.