Q2 2017 Midyear Review
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 purchases represented the bulk of the transaction volume. In Goleta, the 105,257 sf Allergan building at 71 S Los Carneros Rd traded for $23.5 million, and the 75,239 sf office building at 26 Castilian Dr sold for $13.6 million, both purchased by local investors. In Santa Barbara, the 18,472 sf Trader Joe’s building at 3025 De La Vina St went to an out-of-area portfolio for $12.5 million, while the office floors of the Granada Tower at 1216 State St sold for $8.6 million to a local investor. Click Here to read the full report.