Scott Glenn and Brad Frohling of Radius Group along with the property owner’s asset manager, Ken Howe, represented all parties.
This is the largest retail sale in Santa Barbara in more than two years.
“Prominent buildings in AAA locations such as 900 State rarely trade in Santa Barbara,” Frohling said. “The buyer recognizes the value of front and center Santa Barbara real estate, and this should prove to be a great investment.”
In 1995, Glenn represented Bank of America in the sale of the property. The buyer at that time, Agree Realty, completed extraordinary engineering and renovation, changing the property from a three-story bank, including vaults and a trust department, into the breathtaking retail space it is now.
“The 38,000-square-foot space will continue to attract very high-quality retailers like Borders, who cannot find that size anywhere in Santa Barbara outside of a mall or big-box center,” Glenn said.
Borders maintains a long-term lease on the property.
The Santa Barbara Borders boasts three levels, with a huge central staircase serving as an architectural marvel. Borders contributes to the beat of downtown by hosting many local and national musicians on weekends, in addition to serving as the meeting place for several local groups.
“The purchase of 900 State St. is a wonderful addition to our portfolio of showcase properties and represents the fourth acquisition of our recently launched MetWest-SIMA Real Estate Fund,” SIMA President Kevin Burnes said. “900 State is our eighth holding on State Street, and we look forward to continuing our long history of beautifying and preserving State Street and Santa Barbara.”