Mike Chenoweth, a senior vice president with Radius Commercial Real Estate & Investments in Santa Barbara, told me there has been a flurry of real estate activity along the normally “sleepy” Coast Village Road in Montecito.
The Vons Pharmacy will relocate next to the Starbucks that was previously occupied by Read N’ Post, which will move to the new space in the Country Mart. The Chevron station will add a mini-mart and car wash at 1085 Coast Village Road, and its neighbors Hayward’s was recently sold. A major bank is reviewing a lease at 1101 Coast Village Road, while Peabody’s across the street will be remodeled. A mixed-use complex will replace the 46-year-old Turk Hesselund Nursery that was sold just more than a year ago, and the Montecito Pharmacy upper village development is almost done.
“People are trying to get into the market in terms of acquisition by owner-user deals because interest rates are so attractive,” said Chenoweth, adding that low rates mean that monthly mortgage payments are similar to rent rates. “I see things going in a positive direction, for the most part there are developers who are buying into our market coming from places like L.A. who see a definite vision for Coast Village Road and bring a new energy to the area.”
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