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1/05/16
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Hollywood Western Holding Co LLC purchased Saks Off 5th Avenue, a 46.8k sf retail building in downtown Santa Barbara, for $15.5 mil ($331/sf). The asset, located at 1001 State St, was sold by State Street Properties LLC.
The building, which is one block from the Paseo Nuevo Mall, is located within the heart of Santa Barbara’s retail district, where vacancy rates are low and barriers to entry are high. In recent years, State Street has become popular with cost-conscience retailers such as H&M, Marshalls and Forever 21, which occupy the prominent retail locations.
Stephen Leider and Clarice Clarke, principals at Lee & Associates Santa Barbara, represented the seller in the transaction.
“This iconic, trophy retail site, which is located in the downtown corridor at the main intersection in the CBD, was an off-market investment sale,” said Leider, who noted that he and Clarke had originally leased the property to Saks 5th Avenue 20 years ago. “In October 2015 the tenant re-opened the store as Saks Off 5th to a very receptive customer base. The Off 5th store is reporting brisk sales and is well received in Santa Barbara. At this point, Off 5th still has term remaining on its current lease and plans to remain for the near term.”
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