Radius Group Completes Largest Downtown Office Sale of 2006
Building Once Considered as Location for New Santa Barbara Police Station
Radius Group Commercial Real Estate is pleased to announce the sale of the largest downtown commercial property in the office building category. In terms of dollar amount and square footage, the property was the largest office building sold in 2006 and was sold to an out-of-town buyer. Steve Brown, Bob Tuler and Paul Gamberdella from Radius Group represented the seller, 104 W. Anapamu Partners, LP, in selling the 40,284 square foot office building at 104 West Anapamu Street in downtown Santa Barbara. The last listing price was $13,700,000.
The seller benefited from Radius Group attracting a highly motivated buyer who was seeking a 1031 exchange. A 1031 Exchange is a transaction which specifies that if an asset is sold – usually some form of real estate such as land or a building – and the proceeds of the sale are then reinvested in an asset of a similar kind, then no capital gain or loss is recognized, allowing the deferment of capital gains taxes that would otherwise have been due for the first sale.
For the buyer, in addition to the opportunity to acquire an exceptional downtown Santa Barbara property, the deal also presented an in-place income stream and the fulfillment of the 1031 exchange criteria. The buyer represented himself in the transaction.
The property was at one time considered for the site of the new Santa Barbara police station.
“The sale of this office building demonstrates that the desire to purchase downtown Santa Barbara commercial properties remains strong by investors who seek irreplaceable real estate in exclusive markets,” said Steve Brown, co-founding partner of Radius Group Commercial Real Estate.
“The buyer was motivated by the location and size of this asset as well as the strength of the Santa Barbara office leasing market in making his decision,” said Bob Tuler, co-founding partner of Radius Group.
“Santa Barbara will always represent a unique and exclusive place to live and do business. This combined with the fact that demand for downtown office space generally exceeds supply gives buyers such as this comfort that there will always be tenants for downtown assets similar to this property,” said Paul Gamberdella, Radius Group agent.
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