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Montecito buildings sell for $10.2M

By   /   Friday, February 8th, 2013  /   Comments Off

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A prominent Montecito retail building has been sold to an unnamed local investor for $10.2 million.

The 13,778-square-foot retail property building at 1046 to 1054 Coast Village Road houses tenants such as Starbucks, Von’s Pharmacy, Blenders in the Grass, Boutique Antoinette and Occhiali Fine Eyewear. Clarice Clark, president of Lee & Associates, handled the transaction for the seller.

“Retail properties in Montecito are in high demand by investors as the supply is very limited,” Clark said in a news release. “Montecito has excellent demographics with extremely high average household incomes.”

The buyer, a Santa Barbara area investor, was represented by Austin Herlihy and Steve Brown of Radius Group.

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