The Starbucks-anchored retail center at 1046 Coast Village Road in Montecito has been sold to a local couple for $14.5 million.
Montecito residents Deborah and James Longo purchased the 13,800-square-foot property in an off-market deal, according to Radius Commercial Real Estate & Investments. Along with the coffee shop, the other long-term tenants at the boutique shopping center include Vons Pharmacy, Blenders in the Grass and Sakana Sushi Bar and Japanese restaurant.
The new owners plan to make upgrades to the center, according to Radius. Starbucks recently completed a $350,000 renovation of its space.
“This is a first-class property in a tremendous location,” Deborah Longo said in a news release. “I’m excited about enhancing and bringing even more value to the property to make it one of the true gems of Montecito.”
Radius brokers Bob Tuler, Gene Deering and Paul Gamberdella represented the Longos in the deal. Steve Brown and Austin Herlihy of Radius represented the seller.
“This is truly a prize for Deborah and James. She recently sold a prominent business on the Central Coast and determined market conditions in the Santa Barbara commercial real estate space were too good to pass up,” Tuler said in a statement.
The deal is the largest-ever commercial property sale on Coast Village Road, Radius said.