The New Tahitian changes ownership in rare Isla Vista sale
|Highlight Sale Transaction: “The Old Firehouse”, Montecito. The historic building located at 1486 East Valley Rd. sold in June for approx. $16 million or $2,500/SF. Union Bank will remain the long term tenant.|
Mid-year marks: Apartments steal more spotlight; Q1–Q2 sales remain steady
Despite a lack of “game-changer” headlines during the first two quarters, there are a handful of developing stories that merit attention. Perhaps none more noteworthy than the sustained surge in popularity of the multi-family (apartments) market.
Given a host of factors, including historically low vacancy rates, there are an increasing number of investors in the South Coast willing to put cash on the table to scoop up apartment properties as soon as they hit the market. While interest is showing no sign of letting up, declining inventory may cool things off (see pages 9–10 for more detail).
We put together a list of transactions, lease highlights, and development projects around California's commercial real estate market. The list also …
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