Market Watch: Radius Group Completes Largest Downtown Santa Barbara Commercial Sale in 2010
Radius Group Commercial Real Estate is pleased to announce the sale of 38,000 square feet of retail space at 900 State Street to an affiliate of SIMA Corporation (www.simacompanies.com). Scott Glenn and Brad Frohling of Radius Group along with the property owner’s asset manager, Ken Howe, represented all parties.
This is the largest retail sale in Santa Barbara in over 2 years. “Prominent buildings in AAA locations such as 900 State rarely trade in Santa Barbara” says Frohling, “the buyer recognizes the value of front and center Santa Barbara real estate and this should prove to be a great investment”.
In 1995, Scott Glenn represented Bank of America in the sale of the property. The buyer at that time, Agree Realty completed extraordinary engineering and renovation, changing the property from a three story bank, including vaults and a trust department into the breathtaking retail space it is now. “The 38,000 square foot space will continue to attract very high quality retailers like Borders who cannot find that size anywhere in Santa Barbara outside of a Mall or big box center” says Glenn. Borders currently maintains a long term lease on the property.
The Santa Barbara Borders boasts three levels, with a huge central staircase serving as just one architectural marvel. Borders contributes to the beat of downtown by hosting many local and national musicians on weekends in addition to serving as the meeting place for several local groups, such as the Santa Barbara Screenwriters Association and the players of Game Night.
“The purchase of 900 State Street is a wonderful addition to our portfolio of showcase properties and represents the 4th acquisition of our recently launched MetWest-SIMA Real Estate Fund. 900 State is our 8th holding on State Street and we look forward to continuing our long history of beautifying and preserving State Street and Santa Barbara” says Kevin Burnes, President of SIMA.
About SIMA (www.simacompanies.com)
SIMA Corporation, founded in 1984 by James P. Knell, has grown steadily and prudently into a multifaceted enterprise that is a best-in-class operator in real estate investment management, commercial lending, and asset management. The SIMA family of companies consists of SIMA Corporation (real estate investments), MetWest-SIMA Real Estate Advisors (real estate investment services for institutional and high net worth individuals), SIMA Management Corporation (asset management, property management, and leasing), and West Coast Athletic Clubs, Inc. (High End Fitness Clubs), which combined employs approximately 500 valued team members.
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