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2/24/12
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A 47.4k sf industrial property located at 25 E. Mason St in Santa Barbara sold for $9 mil, or about $190/sf. The property is situated less than a quarter mile from the city’s pristine waterfront.
Locally known as the “Funk Zone” for its make-up of primarily industrial properties, this area of Santa Barbara has recently attracted a mix of artists, galleries, wine tasting rooms and locally-owned shops to open storefronts. In turn, this trend has drawn more tourists to the lower end of State Street, which connects the city’s bustling retail corridor to the beautiful waterfront.
“This section of State Street has been struggling for several years,” said Stephen Leider, Managing Principal of Lee & Associates – Central Coast. “The Mason Street sale will be an integral part of the area’s ongoing revitalization”.
The three-story building at 25 E. Mason St features roof access with ocean views. The existing tenant, Brooks Institute of Photography, a well-known and prominent film, graphic design and photography school, currently occupies two-thirds of the building.
Clarice Clarke and Stephen Leider, both principals in Lee & Associates’ Central Coast office, represented both the buyer, East Mason SB LLC, and the sellers, Rossi Trading Company LLC and Scanlin Family Trust, in the transaction.
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