|The landmark retail property located at 1486 East Valley Rd. in Santa Barbara, Calif. has been sold for $16 million. The seller was 1486 East Valley Road LLC, while the buyer was an international fund, US 3N LLC.|
“Both parties viewed this transaction as an opportunity to realize value. The seller leveraged the lack of quality product in the market and the compression in cap rates to achieve a premium price, and the buyer recognized the
advantage of investing in a truly irreplaceable asset, particularly one with a committed long-term tenant,” said Kyle Miller
, corporate managing director in Studley’s National Retail Services Group
, in a statement.