Propelled by office and land property sales, South Coast commercial dollar volume through three quarters is on pace for a record year. If hotel sales are added – including the sale of the Bacara Resort – 2017 is already a historic year with a quarter left to go. In a deal that received national attention at the end of September, the Bacara Resort & Spa has been rebranded as a Ritz-Carlton and purchased by two REITs based in New York. The price was not disclosed but is estimat
Local stand-outs Empty Bowl Ramen Bar and Renaud's will both open in Montecito's. They join Juice Ranch , Scoop Ice Cream, and others in the newly remodeled 1187 Coast Village Rd lifestyle center. There are a couple restaurants spaces left that are yet to be leased and could bring more exciting news in the near future. Also, rumor has it at least a portion of the former Panera Bread (and prior to that, Left at Albuquerque) on the corner of the 700 Block of State St will soon
Institution Ales, the craft brewer from Camarillo, is coming to downtown Santa Barbara. They plan to open up shop in the former Pierre Lafond/Café Primo building at 516 State Street and will be serving food along with their craft beers. Santa Barbara Cider Company recently opened on Rutherford Street in Goleta, joining The Apiary in Carpinteria, to bring cider (and in The Apiary's case, Mead also) to fellow fun seekers...Cheers!
Strong demand helped commercial sales maintain momentum on the South Coast through the midpoint of 2017. Excluding hotels, South Coast commercial sales dollar volume at midyear was 18% higher than the midyear average for the five prior years. At the same time, the number of commercial sales decreased a modest 6% versus the prior 5-year average. Office sales rebounded from a down year in 2016, while industrial and retail sales were well below their trend lines. Investor purcha
Three new tenants are joining Handlebar Coffee and 3 Pickles on Canon Perdido Street. Starting at the corner of Canon Perdido and Santa Barbara Street Rudy's Mexican Restaurant opened in the former Julienne Restaurant, Jake & Jones, (a clothing retailer) will open next door and Miso Hungry will open their third location in the former Sojourner Restaurant. Speaking of Handlebar Coffee Roasters, their De La Vina location - pictured at left - is nearing completion and rumor is t
The Estancia, a 72 unit residential development on upper State Street, is well under way. According to the developer, the residences will "blend Spanish Colonial Revival Architecture and forward thinking contemporary design". Also, adjacent to The Marc near La Cumbre Plaza, the Housing Authority is constructing the Grace Village Apartments, a 57 units development for seasoned citizens aged 62 and up.
Two high-identity downtown retail/office properties that haven't been on the market in at least 65 years are currently in escrow. The El Centro Building at 21 E. Canon Perdido St (list price: $7.95M) hasn’t been on the market since 1948 and the Starbucks Building at 800 State Street (list price: $8.6M) has not been on the open market since it was built in 1926. The Marc, Upper State Street's new mixed-use development is now on the market for sale. The asking price for the 89
Graphiq, Inc. (formerly FindtheBest), has recently been acquired by Amazon. The strategic purchase of the local data analytics company will help Amazon expand their Alexa capabilities. Two rapidly growing technology companies, both of which won the UC Santa Barbara business plan competition are on the move. Apeel Sciences, an agricultural technology company, subleased over 100,000 SF in Goleta in one of the largest lease deals this year. Also, TrackR, the mobile tracking app,
Despite the local and national state of retail, there has been some positive news in our home town. Paseo Nuevo is now reporting a fully leased property, with the exception of the Macy's vacancy. New tenants opening in the Paseo include 2Bella Boutique, PokeCeviche, Yes Dance, Saje Natural Wellness and SB Souvenir and Apparel. Downtown Works, a consulting firm hired by the City of SB has released its report on how to revitalize State Street - contact me for a copy of the full
The Hotel Californian is nearing completion and with that will come some exciting new tenants, including Finneys Crafthouse and Kitchen out of Westlake, McConnells Ice Cream and a confidential Wine Tasting Room. East Beach Grill at the Cabrillo Bath House will be closing its doors in December after almost 35 years in operation. The city will be completing a $15M renovation to the entire property and the restaurant space is now on the market for lease. What would you like to s