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1/27/15
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An LA-based real estate investment entity paid $12.2 mil for Carrillo Plaza, an 18.8k sf ($649/sf), urban shopping center in downtown Santa Barbara. The property, located at 210 W. Carrillo Blvd, was sold by locally based Carrillo Holdings LLC after completing an extensive repositioning program.
Anchored by Starbucks Coffee Company, the retail plaza is comprised of a mix of neighborhood businesses including local favorite Tino’s Italian Grocery, which moved here from the De la Guerra St. location it occupied for more than 40 years.
The property sits at the corner of De La Vina St and Carrillo Blvd, a major thoroughfare connecting Hwy 101 with the downtown corridor and prominent retail, cultural and historic attractions such as State Street, The Granada Theater and The Historic Presidio. It is bordered by residential neighborhoods to the west and east.
The property was completely renovated over the last four years in keeping with the area’s Mission Revival style of architecture. The ownership upgraded building systems and added amenities such as an outdoor patio and complementary landscaping.
Bill Bauman, executive vice president, and Kyle Miller, corporate managing director, of Savills Studley represented the seller in the transaction. The buyer was New Group-Santa Barbara.
“This opportunity met all of the buyer’s investment criteria, including the property’s location in a coastal, high-barrier-to-entry trade area, its high visibility within the submarket, and the stability of the asset,” stated Bauman.
This is the sixth transaction Savills Studley has executed on behalf of the seller in Santa Barbara in the last 18 months. Other notable sales included the single-tenant Union Bank in Montecito for $16 mil and the SONOS building and Anacapa Project in the Funk Zone for +/- $19 mil and $12 mil, respectively.
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