Radius Commercial Real Estate was instrumental in locating the tenant and negotiating a 99-year ground lease for the entire property fronting Gutierrez Street between State Street and Anacapa Street. The site comprises not only the Staples property located at 410 State St., but also the Reid’s Appliance building at 409 Anacapa St. and the parking lot in between.
The new tenant has received tentative approvals from the City of Santa Barbara to construct 84 apartment units over the property’s existing parking lot. The deal, which includes over 1.5 acres of commercial land, has been in the works for over two years.
The project is much needed good news for the downtown commercial corridor at a time when retail vacancy has skyrocketed due to the effects of COVID as well as the continued dearth of the retail sector across the country.
“This is a boon for the community as we continue to find ways to stimulate the rental housing supply in the downtown market and bring more economic vitality to support the merchants who have buckled up to weather these past few years,” said Steve Brown, principal and co-founder of Radius Commercial Real Estate. Brown and fellow Radius colleagues senior vice president Bill Hagelis and associate agent Miles Waters represented both parties in the transaction.
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