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.