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For Release: Local Developer purchases home and converts to Medical space to meet the demand of Market 07/17/08

July 17, 2008

Local Developer purchases home and converts to Medical space to meet the demand of Market

Santa Barbara, CA – 7/17/08

Local Developer purchases home and converts to Medical space to meet the demand of Market.

Santa Barbara, CALIF. – Radius Group Commercial Real Estate is pleased to announce the sale of 510 W Pueblo Street, the hotspot for medical space. Steve Brown and Austin Herlihy of Radius Group represented both parties in the transaction. A local developer, Jack Byers of Jank n’ Tool Box recently purchased 510 W Puebloe Street to convert the existing house into a freestanding medical office building.  Mr. Byers notcied the high demand for clinical professionals to be within walking distance of Cottage Hospital and capitalized on the opportunity to address the high demand.

Austin Herlihy of Radius Group Commercial Real estate suggests that “While were seeing a slow down in transaction in the Santa Barbara Commercial Market, were seeing an increase in activity in the Medical Commercial Real Estate market. Steve Brown and I have closed three Medical deals in July alone and are working on closing a fourth.” While in Escrow, Mr. Byers was approached by various medical professions interest in the space. With the location and high demand of the market for medical space Mr. Byers has come to agreement with a practice to pruchase the building.

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