The latest news downtown is that the Marshalls building, 900 State St., has come on the market as a leased investment, according commercial real estate broker Natalie V. Wagner who just released her monthly newsletter after joining Carpinteria-based The Shopping Center Group.
Marshalls has 10 years left on its lease and the 38,015-square-foot building is listed at $18.3 million, Wagner said.
Meanwhile, Coast Village Road has been opened, but many businesses remain closed; some may never reopen, Wagner said. The same is true for other parts of the county from tourism decline during the busy holiday season following recent South Coast disasters.
“Please go visit them and other businesses downtown,” she urged. “And participate in the Coast Village Road Cash Mob on Feb. 10 to spend money at Montecito businesses to ignite some much-needed energy in this wonderful area.”
Wagner said more deals continue to be made downtown, such as 1015 State St., previously Churchill Jewelers; 925 State St., previously Benefit; and 1108 State St., now the Thunder Moon Collective) have been leased.
Asking rates on State Street have decreased by 6 percent overall since summer of last year as they come into equilibrium, she said. “Tenants will continue to shuffle around as they have opportunities to move into better real estate, keeping vacancy somewhat constant for now. See my State Street Update, https://santabarbaracre.com/state-street/,for more info.”