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Santa Barbara Independent: Hayes, Radius Boast Big End of Year Numbers

February 02, 2017
Santa Barbara, California – Published 2/2/2017
By Jean Yamamura

Large commercial real estate sales last year were tallied by a couple of Santa Barbara property heavyweights and in two off-market exchanges. Both Magnolia Shopping Center in Goleta and Casitas Plaza in Carpinteria were sold to ROIC (Retail Opportunity Investments Corporation) based in San Diego, which primarily acquires properties for real estate investment trusts, or REITs. The Magnolia center, which has 116,506 square feet of retail space, sold for $29.4 million, and Casitas Plaza went for $16.8 million at 97,407 square feet.

Hayes Commercial Group negotiated the sale of 6750 Navigator Way in Goleta’s Cabrillo Business Park, which went for $12.7 million at 46,430 square feet of office space, with the tenants remaining in place. Several notable projects went through Radius Commercial Real Estate, including the sale of the former St. Mary’s Seminary for $11 million to an investor who plans a rehabilitation center; the 50-unit Ivy Apartments on West Carrillo Street sold for over $14 million; Goleta’s 175-unit Old Town Village development’s 12 acres sold for $13.5 million; and the 42-unit Skyview Apartments in Isla Vista sold for more than $13 million.

Correction: A previous version of this story attributed the Magnolia and Casitas sales to Hayes, which is incorrect.

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