Wednesday, February 21 , 2018, 1:15 pm | Fair 60º

 
 
 
 

Business

BizHawk: Middle Four Floors of Granada Theatre Tower Sold to Local Investor

Cajun Kitchen and Los Arroyos are coming to Calle Real in Goleta, and Terraza Café rebrands as Patio Café

The commercial space in floors 3 through 6 of the Granada Theatre tower were recently purchased by a local investor. Floors 7 and 8 are residential units. Click to view larger
The commercial space in floors 3 through 6 of the Granada Theatre tower were recently purchased by a local investor. Floors 7 and 8 are residential units.  (Sam Goldman / Noozhawk photo)

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Four floors of the tallest building in Santa Barbara have been sold to a local investor.

Floors 3 through 6 of the 116-foot Granada Theatre tower serve as commercial space, and were priced at $10.5 million before being negotiated to a lower amount, said Hayes Commercial Group partner Greg Bartholomew, who handled the listing with fellow partner Michael Martz.

While the incoming and outgoing owners’ names were not disclosed, Bartholomew said the new owner wanted to own a historic piece of the city.

Floors 3 through 6 were sold along with roof-level storage and part of the rooftop, totaling over 15,000 square feet, according to Hayes.

The commercial floors, long home to offices, are currently inhabited by financial advisory companies Partnervest, Peritus Asset Management and Florida-based Raymond James Financial.

Hayes is currently looking to fill the 6th floor, which until recently was home to a law firm. The 93-year-old building’s 7th and 8th floors are two separate condominiums owned by their respective residents.

The $10.5 million price is more than 13,000 times what the lot’s original owner paid for the location before building the tower. Locals in the 1920s balked at what they said would be a skyscraper, which lead to the 60-foot cap on the height of Santa Barbara buildings.

In the early 2000s, another local investor bought the tower at 1216 State St. and separated it and the theater into two properties.

Last year, the bottom-floor space occupied by the Good Lion was sold to the cocktail bar’s owner. It was initially part of the original 17,900-square-foot offering Hayes posted at the outset of 2016.

Cajun Kitchen opening second Goleta location

Breakfast and lunch establishment Cajun Kitchen is preparing to open a second Goleta location in the former Rusty’s Pizza at 6025 Calle Real.

Juan Jimenez, who manages his parents’ restaurant chain with his brother Richard, said navigating the city’s development process, planning the kitchen design and completing outside construction has been a slow process.

He added that he expects the new Cajun Kitchen to open in April or May.

“I feel like we’ve been saying ‘a month or two’ forever now,” he said.

Cajun Kitchen is adding a patio and redoing the roofing, plumbing and parking lot at its upcoming Calle Real location. Click to view larger
Cajun Kitchen is adding a patio and redoing the roofing, plumbing and parking lot at its upcoming Calle Real location. (Sam Goldman / Noozhawk photo)

The site’s renovations include installing a patio and redoing the parking lot, roof and plumbing.

“We found it like the day after our best prospects fell through,” Jimenez said. “That Rusty’s location fell into our hands.”

Jimenez’s father, a Santa Barbara native, took over the original Cajun Kitchen at 1924 De La Vina St. in 1984 as a prep cook with no restaurant experience, and expanded the eatery with his wife.

Their other restaurants are located at 6831 Hollister Ave. in Goleta, 901 Chapala St. in Santa Barbara and 301 E. Main St. in Ventura.

Los Arroyos headed for Goleta

Also coming to Calle Real is Los Arroyos, a Mexican restaurant with Santa Barbara locations at 14 W. Figueroa St. and 1280 Coast Village Road, and another in Camarillo.

It will soon take over the spot of the recently closed Paloma Restaurant & Tequila Bar.

Los Arroyos originally opened on Figueroa Street in 1999.

Terraza Café rebrands as The Patio Café

Terraza Café at 3007 De La Vina St. has rebranded as The Patio Café.

Owner Rosalinda Monrroy said she changed the name due to customers seeing the Spanish word for “terrace” and believing her establishment was exclusively a Mexican restaurant.

The new moniker has been well received, she said.

Though the restaurant has new management to go along with the new name and logo, the menu has only been touched up slightly, Monrroy added.

The Patio Café serves primarily American food for breakfast and lunch along with some Mexican food. It’s open daily from 7 a.m. to 2 p.m.

Noozhawk staff writer Sam Goldman can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.

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