Three high-profile commercial properties in Santa Barbara have sold for a combined total of $20 million. Although the seller was undisclosed, according to industry sources, the seller of all three properties is the Hangar Auto Club. The seller purchased the three properties, located at 131 and 528 Anacapa and 111 State Street, in 2011.
“The properties are unique, irreplaceable assets in highly desirable urban submarkets,” says Kyle Miller, corporate managing director at Studley National Real Estate Services Group, who represented the seller in all three transactions. “The seller saw the opportunity to leverage the high barriers of entry to Santa Barbara and demand for quality assets to achieve very good pricing. The buyers seized the opportunity to acquire exceptional real estate with significant potential, and preserve wealth in a market that is very difficult to penetrate.”
Activity is increasing in the Santa Barbara market. According to Bill Bauman, Studley EVP, due to “the coastal nature, exceptional demographics, and select acquisition opportunities of Santa Barbara, strong investor demand is expected to “push pricing in this sub-market.” Recent transactions in Santa Barbara include the sale of the Santa Barbara Tourist Hostel. Capitoline Properties purchased the city’s only tourist hostel for an undisclosed amount, but industry sources noted the significance of the sale.Three Retail Properties Take $20M
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