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Local Investor Purchases Retail Property at 515 State St.

The Territory Ahead will continue to occupy the 4,120-square-foot building

In another indication of renewed interest in downtown Santa Barbara retail property, 515 State St. has been purchased by an unnamed local investor.

The property was listed for $2.85 million, received multiple offers and closed in less than two months.

Michael Martz and Greg Bartholomew of Hayes Commercial Group represented the seller.

Clothing retailer The Territory Ahead will continue to occupy the 4,120-square-foot building as its flagship store.

There have been four retail property sales from the 500 to the 900 block of State Street in 2010. Earlier this year, Martz represented the seller of the adjacent property, 511-513 State St., which is occupied by The James Joyce and Wahoo’s Fish Tacos.

“The increase in sales activity this year shows that there is demand for quality retail property along the State Street corridor,” Bartholomew said.

— Ted Hoagland is the marketing manager for Hayes Commercial Group.

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