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9/17/21
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The Platform, a 33.1k sf, multi-tenant office and industrial project in Santa Barbara, traded for $13.9 mil, or $420/sf. The property is located at 126 East Haley St and 417 Santa Barbara St, a few blocks from State St and the Funk Zone.
The property is 97% leased to 12 diverse tenants in a highly functional space suitable for office, flex, industrial and retail users. The one- and two-story buildings recently underwent an extensive renovation.
The property is one of the most desirable assets in the Santa Barbara market as it is part of the warehouse-laden Haley Street Corridor of the Lagoon District, which is Santa Barbara’s burgeoning creative neighborhood just east of downtown.
Newmark Executive Managing Director Sean Fulp and Managing Directors Mark Schuessler and Ryan Plummer, in partnership with Paul Gamberdella of Radius Commercial Real Estate, represented the seller, Brian Lezak at Cameron Pacific in conjunction with The Miller Family Companies. The buyer, The Simms/Mann Family Foundation, was repped by Willa Fields at Beitler Commercial.
“Santa Barbara’s desirability has accelerated through the pandemic with commercial tenants and investors bullish on the future prospects of the market,” said Fulp. “The Platform, along with its prime location in the up-and-coming Haley Street Corridor, has everything that tenants are now seeking in commercial space.”
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