Feb. 21, 2012
-- Lee & Associates, one of the nation’s leading commercial real estate providers with regional and local expertise, has closed a $9 million sale transaction for a 47,411-square-
foot industrial property located at 25 E. Mason Street in Santa Barbara, Calif. At $190 per-square-foot, the building is less than a quarter mile from the city’s pristine waterfront.
Locally known as the “Funk Zone” for its make-up of primarily industrial properties, this area of Santa Barbara has recently attracted a mix of artists, galleries, wine tasting rooms and locally-owned shops to open storefronts. In turn this has drawn tourists to the lower end of State Street, which connects the city’s bustling retail corridor to the beautiful waterfront.
“This section of State Street has been struggling for several years,” said Stephen Leider, Managing Principal of Lee & Associates – Central Coast. “The Mason Street sale will be an integral part of the area’s ongoing revitalization”
The three-story building at 25 E. Mason Street has roof access with ocean views. The existing tenant, Brooks Institute of Photography, a well-known and prominent film, graphic design and photography school, currently occupies two-thirds of the building.
Clarice Clarke and Stephen Leider, both Principals in the Central Coast office represented the buyer, East Mason SB, LLC., and the sellers, Rossi Trading Company, LLC. and Scanlin Family Trust, in the transaction.
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About Lee & Associates:
Celebrating more than 33 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 46 locations across the nation including Arizona, California, Charleston, Florida, Georgia, Idaho, Indiana, Illinois, Kansas, Michigan, Missouri, Nevada, New Jersey, New York, Texas and Wisconsin. With a roster of nearly 700 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.