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South Coast commercial sales for the first three months of 2017 were the strongest we have seen in the last 18 years.
During the first quarter there were 30 commercial sales, twice as many as the 18-year average of 15 for Q1 sales. We even surpassed the 24 sales closed in Q1 2016 which was another strong opening quarter.
Total sales volume for the first quarter was $134 million, up slightly from 2016’s $129 million and completely overshadowing the $49 million closed in Q1 2015…
Leasing Summary: Macy’s & The State of Retail
Undoubtably the big news heading into 2017 was that Macy’s would be closing their massive 141,000 sq. ft. anchor location in the Paseo Nuevo Mall this Spring. The store is now closed. With 48 years remaining on their lease with the City of Santa Barbara, the retailer is in the process of deciding what to do with the property. Macy’s is able to transfer the lease to another retail tenant as long as a minimum of one floor is dedicated to retail use. A potential tenant could be either another large retailer or a mixed use project. Through the lease language, the City doesn’t have much control over the type of retail tenant…
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