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12/16/20
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A 48.6k sf, single-tenant creative office building in Santa Barbara was acquired by London-based commercial real estate investment firm Global Mutual. The price was not given out.
Located at 1001 State St, the building was originally constructed in 1960 and was formerly a Saks Fifth Avenue department store. The asset has been repositioned into creative office space after an investment of approximately $20 mil since 2018. The three-story property sits on the corner of State St and West Carrillo St in the heart of Downtown Santa Barbara, which has become home to more than 70 technology companies over the past decade.
CBRE’s Dan Riley, Austin Wolitarsky and Simon Mattox, in partnership with Austin Herlihy and Chris Parker of Santa Barbara-based Radius Commercial Real Estate, represented the greater Los Angeles-based seller. CBRE's Greg Grant and Scott Peterson arranged financing on behalf of the buyer, who was self-represented in the transaction.
“Investors showed strong interest in the property from day one on the market, not only based on the strength of the tenancy but also the Santa Barbara - State Street location, which neighbors a wide range of commercial properties, many of which have redevelopment or repurpose plans underway,” said Riley.
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