BizHawk is published weekly, and includes items of interest to the business community. Share your business news, including employee announcements and personnel moves, by emailing email@example.com.
Another locale on Santa Barbara’s State Street has closed its doors.
Hoffman Brat Haus, 801 State St., closed last week.
“It’s with a heavy heart that we must close our doors as soon as this weekend,” the restaurant’s management wrote in an instagram post. “State Street is not what it was just two years ago. We can no longer sustain the restaurant.
“We want you to know that our family of Drink the Tour Members has been the most important element of our business. The community that has been built with your presence at the Brat Haus is what made the experience.”
Barret Reed, a founding partner for Miramar Group, said he is working with the property owner to redevelop the property with two residential apartments on an additional third floor that would need to be added on to the current site.
The existing second floor would be smaller office units and the first floor will be a food and beverage establishment.
“We worked out a deal with Brat Haus and the other tenants on the property to end their leases early,” Reed said.
The project has been through a preliminary review at the Historic Landmarks Commission, and is headed to the Planning Commission later this year. Reed hopes to break ground in fewer than 12 months. The project, he said, could be a catalyst for reshaping and rekindling downtown.
“If this small project is successful and gets built, it will support more confidence among staff and property owners to take the leap to develop,” Reed said.
Miramar Group is a real estate firm specializing in management and brokerage, as well as private investment and development. The group has developed Cubaneo, Shaker Mill and Waterline, among other restaurants in Santa Barbara.
Ming Dynasty Closes
For more than 40 years, the Ming Dynasty has reigned in Goleta next to the old Kmart building.
The dynasty is over.
Restaurant management told Noozhawk on Thursday that the popular Chinese food restaurant will close its doors because the owner wants to retire.
“Ming Dynasty thanks you for patronizing over the years,” owners John and Jenny Ho said in a statement. “We will be closing the business on Sept. 1, 2019. Thank you again. It will be our pleasure to serve you in these remaining days.”
The final day is Saturday, Aug. 31. The restaurant, 290 Storke Road, is near the site of the Target building, currently under construction in the old Kmart building.
Funk Zone Winery closing
Les Marchands Restaurant and Wine Shop in the Funk Zone is also calling it quits.
“I’m extremely proud of the numerous accomplishments made by the team at Les Marchands over the years, including being recognized as one of the most outstanding wine bars in the country,” said managing partner Sherry Villanueva.
The business at 131 Anacapa St., Suite B, was open for six years.
In a news release, Villanueva said, “Les Marchands was applauded both locally and nationally for its extensive wine list, outstanding cuisine and knowledgeable staff.”
Villanueva said chef Weston Richards and sous chef Collin Wade will remain with the company, and all other Les Marchands’ employees will be given the opportunity to pursue other positions with Acme Hospitality.
An encore performance of the Les Marchands’ Follies Drag Brunch will take place on Sunday, Aug. 25, and on Tuesday, Sept. 10, Les Marchands will host the White Party Dinner Show featuring the talented Tina Schlieske (reservations for both events are highly recommended and are available at the restaurant or on Nightout.com).
In the news release, Villanueva said “an exciting new concept for the space will be revealed in the upcoming weeks and is slated for an October debut.”
Rob Lowe’s Montecito Estate for Sale
Actor Rob Lowe’s Oakview estate is on the market for $42.5 million. It was originally listed a year ago for $47 million.
The 10,000-square-foot main house is on 3.4 acres. It has six bedrooms, eleven baths, a wine room, multiple living and dining areas, vaulted ceilings, an office, a library-music room with bar, and nine indoor fireplaces, among dozens of other amenities.
Check out a video tour of the home.
$35.5 Million Office Park Sale
A local investor recently purchased a 106,309-square-foot building on 6.9 acres at 6300 Hollister Ave. The property was offered for $35.5 million. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented the seller.
It’s most expensive commercial sale to date on the South Coast in 2019.
“This is a great example of a building being successfully updated to suit ‘creative’ office/R&D tenants,” DeJohn said. “The owners recently put about $2.5 million worth of improvements into the property, so that it could compete with any existing R&D space in the market and enable tenants to attract top talent.”
The facility is fully leased to three technology companies, all headquartered at the property: Wyatt Technology, Asylum Research (Oxford Instruments), and Seek Thermal.
Wyatt Technology and Asylum Research have been tenants there for approximately 15 years. Seek Thermal moved into the building in 2018.
DeJohn and Hayes have completed the top five commercial sales to date on the South Coast, and their sales volume so far in 2019 exceeds $142 million.
“The South Coast has seen a dip in investor demand over the past year for small and mid-priced investments,” said Hayes in a statement. “But demand among investors seeking larger investments with stable income remains strong.”
— Noozhawk staff writer Joshua Molina can be reached at firstname.lastname@example.org. Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.