Historic Santa Barbara Property Sells for $16M
June 14, 2013

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.