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10/02/18
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A majority, 331.8k sf portion of Santa Maria Town Center, a regional mall in the coastal SoCal city of Santa Maria, traded hands in a recent transaction valued at about $21.5 mil, or $65/sf. The property is anchored by Sears and Macy’s (both not a part of the sale) and a high performing Edwards Theatres RPX Digital Cinema, among an assortment of regional and national tenants.
Santa Maria Town Center is a 635k complex that includes some office space. The property is situated on 6.11 acres of land at 100 Town Center East, adjacent to the Santa Maria City Hall, Civic Center, Santa Barbara Superior Court, and the city transit center. It was originally constructed in 1976 by the Hahn Company and was anchored by Sears and Gottschalks at the time. The center was since remodeled in 1990, 2009, and 2010; with its most recent remodel in 2013.
CBRE retail experts George Good, James Tyrrell, Jimmy Slusher and Philip D. Voorhees represented the seller, Goldman Sachs, a New York-based leading global investment banking, securities and investment management firm. The buyer was a global insurance company.
“SMTC represents the only enclosed shopping experience or department store option within a 60-mile radius,” said Slusher. “Santa Maria Town Center’s continued performance with year-over-year NOI growth, increasing tenant sales and new tenant leasing interest has bucked today’s mall trends, representative of its downtown location and connection to the residents of the expanded Santa Maria trade area.”
Voorhees said, “Opportunities to purchase performing properties for perhaps 20 percent of land-inclusive replacement cost at double-digit cap rates are very compelling. As more ‘box’ anchor spaces are acquired from failing tenants, we expect the mall narrative to become very positive. Malls were built in the ‘center of the trade area’ locations and Santa Maria Town Center is great real estate. We look forward to following the property’s progress in the years to come.”
CBRE’s marketing efforts produced more than 283 confidentiality agreement/offering memoranda distributed and through the team’s “managed bid” offer process, generated 19 offers to purchase the property, according to Voorhees.
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