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Noozhawk: Bizhawk: South Coast Sales & Leases

November 04, 2021

The third quarter of 2021 brought the largest sale of a hotel on the South Coast since 2018.

Santa Barbara, California – Published 11/4/2021
By @Joshua Molina, Noozhawk Staff Writer
Hotel Californian Santa Barbara
The Hotel Californian in Santa Barbara sold in Q3

The third quarter of 2021 brought the largest sale of a hotel on the South Coast since 2018. Bill Foley purchased the 121-room Hotel Californian for $130 million.

“It represents a prominent vote of confidence in both Santa Barbara tourism and the waterfront trade area,” according to Hayes Commercial Group.

Also in the third quarter of 2021, the 87-room Pacifica Suites Hotel in Goleta sold for $27.5 million.

On State Street in Santa Barbara, there have been seven leases so far in 2021. Most have been local or regional tenants, according to Hayes Commercial Group, accept for Athleta, a lifestyle brand with 200 stores in the United States. It is the first national soft goods retailer to lease a space on State Street in several years years, according to Hayes.

The other third-quarter lease, noted by Hayes, was of the former Closet space at 920 State St., leased by a local sports apparel concept 805 University.

Radius Commercial Real Estate noted in its quarterly report that 32,133-square-foot industrial building The Platform, 126 E. Haley St., sold to a 1031 exchange buyer for $13.9 million.

In addition, 82 Coromar Drive in Goleta, a 77,900-square-foot industrial building, sold to an owner-user for $12.7 million. A 9,115-square-foot downtown office building at 1002 Anacap St. also sold to an owner-user for $4.5 million.

Radius also reported Validation Ale’s lease of 4,700 square feet at 102 E. Yanonali St. in the Funk Zone, and Hook & Press Donuts’ lease of 3,015 square feet at 15 E. Figueroa St., the former Jeannine’s space.

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