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.
The recently completed Cabrillo Pavilion, 1118 E. Cabrillo Blvd., is the winner of Santa Barbara Beautiful’s coveted 2022 President’s Award, which will… Read more »