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Major Deals Propel Lee & Associates' Central Coast Offices in 2011
Lee Central Coast is taking this momentum into 2011 and beyond
“2010 ended with a flurry of significant transactions for the Central Coast office of Lee & Associates,”
Lee & Associates Central Coast’s late 2010 transaction highlights included:
Riverside-Woodman Plaza Shopping Center — Sherman Oaks, Calif.
In December, Lee & Associates’ Leider and Principal Clarice Clarke represented owners Horwitz & Frandson Family Trusts in the leasing of this 47,000-square foot retail property at 13730 Riverside Dr. Anchor tenant Sports Authority signed a 20-year lease that began Feb. 1. Sports Authority will replace Linens ‘n Things in late 2011. This space is considered to be a rare piece of property to enter into with such good retail demographics.
125 Venture Dr. — San Luis Obispo, Calif.
In a lease that also began Feb. 1, Lee’s Martin Indvik represented lessee Aeromech Engineering Inc., in this 63-month lease that was signed in November. This single-unit, 78,047-square foot industrial/manufacturing property was built in 2005. The lessor was Vachell Lane Partners LLC. The transaction came at a great time for Aeromech, which has been in a growth mode. Having spread itself out in eight separate buildings over the past five years — with a handful of leases coming due — it was an excellent opportunity to double its amount of leasehold space with an incremental increase to leasehold expenditures.
Prefumo Creek Commons Shopping Center — San Luis Obispo, Calif.
Also in November, Lee’s Leider and Clarke represented owner Irish Hills Plaza East LLC in the leasing of the corner 7,441-square foot retail pad within the Prefumo Creek Shopping Center. Olive Garden, which operates under N & D Restaurants Inc., signed the 20-year ground lease set to begin in Q3 2011. This deal brings the second Olive Garden restaurant to the California Central Coast, adding to its other location in Santa Maria, located 40 miles to the south. Additionally, Lee also helped secure the main anchor tenant, Target, of this property with the sale of 10 acres to the major chain store in July 2010.
The Granada Tower Building — Santa Barbara, Calif.
In another deal that closed in November, Lee’s Leider, Clarke and Jarod King teamed up to represent owner 1216 State Street LLC in the lease of 3,528-square feet of prime office space to Ryerson, Masters & Associates Inc., that began Jan. 1. The Granda Tower is the tallest and most recognizable historic building in Downtown Santa Barbara and was extensively remodeled, including its theatre, in 2010. Lee’s Central Coast office leased all three office floors of the building in 2010 with the 5th floor being the last.
Downtown Santa Barbara — Santa Barbara, Calif.
In a transaction that closed in October, Leider and Clarke paired to represent owner Rametto Co., LLC, which leased this 15,262-square foot retail property to Hennes & Mauritz, L.P. (also known as H&M). The new store, located downtown at 829 State Street, is set to open summer 2011 and will be H&M’s 218th nationwide. H&M has 43 stores in California and operates in 38 counties after opening its first U.S. store 10 years ago. Despite the tough U.S. economy, especially in retail, H&M is still thriving due to its low-cost quality items. The Santa Barbara store will be the company’s 218th store in the U.S.
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About Lee & Associates-Central Coast:
Lee & Associates Central Coast, a full service commercial real estate brokerage and member of the Lee & Associates group of companies, provides industrial, office, retail, multi-family and investment brokerage services throughout the Tri-Counties from three offices in Santa Barbara, San Luis Obispo and Santa Maria. Lee & Associates’ clients enjoy a comprehensive range of commercial real estate services including sales and leasing, real estate investment consulting, tenant representation and relocation, land assemblage, site selection, mixed-use and urban in-fill development, property and portfolio evaluation, asset management and market research. For more information, please contact us at (805) 962-6700 or visit us online at www.LeeCentralCoast.com.