New building is former – and future – site of classic Santa Barbara businesses
Radius Group Commercial Real Estate is pleased to announce the purchase of the ground floor of a brand new retail project, 721 through 739 Chapala Street. The 8,060 square foot property was acquired by a private investor and the last listed sale price was $5,900,000. Brad Frohling of Radius Group represented the buyer and Brian McCririe and Steve Hayes of Leider Hayes Commercial Real Estate represented the seller, Bermant Development, a commercial and housing development company on the Central Coast.
Located directly across from Paseo Nuevo shopping center in downtown Santa Barbara, 721-739 Chapala will house a mix of upscale retail boutiques, establishing the focal point for a new downtown retail center. 25% of the building has already been leased to Esau’s, the popular Santa Barbara restaurant formerly located on lower State Street and in business in Santa Barbara for over 50 years. The rest of the space is still available and being considered by a mix of tenants.
The property has been the site of several notable Santa Barbara businesses including Hazard’s Bicycles and was the first location of the Tupelo Junction Cafe. It features underground parking, high ceilings and is a prime part of the downtown corridor.
“This deal marks the start of a new era for the downtown Santa Barbara retail experience,” said Brad Frohling, sales agent at Radius Group.
“The Santa Barbara retail market is extremely tight right now, making the demand for quality retail investments even stronger,” said Frohling. “Creating a vibrant retail center ‘off-State Street’ is a big step toward creating more opportunities for both retailers and investors.”
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Institution Ale's Ryan Smith and son Shaun Smith at the family's new State Street location. Photo: Paul …
Summary of market insights and analysis from Q2 2019 South Coast commercial sales and leasing activity: Download the complete report here …