The property at 1001 State St. currently occupied by Amazon has been sold to London-based investment firm Global Mutual in what was the largest true commercial property sale ever in the downtown Santa Barbara commercial business district.
According to a press release, Radius Commercial Real Estate partnered with CBRE to sell the property, which was listed at $38.4 million and sold close to the asking price. Radius executive vice president Austin Herlihy told the News-Press that his company teamed up with CBRE to give the property international exposure. The team that sold the property consisted of Mr. Herlihy, his Radius colleague Chris Parker, and CBRE’s Dan Riley, Austin Wolitarsky, and Simon Mattox.
Mr. Herlihy told the News-Press that he and his team got more than 10 offers for the property and more than 100 interested parties. He explained the high level of interest, “I think we did a great job marketing the property and selecting the buyer for our client. However, an asset like this, in this location sells itself.”
The building is 48,564 square feet and was formerly occupied by the department store Saks Fifth Avenue. Between 2018 and 2019, the property underwent a massive $20 million renovation to turn it into creative office space for current tenant Amazon.
In the press release, Mr. Herlihy called the property’s sale “a real statement of confidence in the local economy despite the pandemic.”
He added, “It’s no secret the downtown corridor has taken some hits over the past few years, but we’re continuing to see the positive signs of renewal and movement that will bring State Street back to a high level of prominence and vitality.”