La Entrada project takes toll on other businesses in area
The La Entrada off lower State Street expects occupancy by the summer of 2017.
The La Entrada mixed-use development on lower State Street is poised to reshape the downtown Santa Barbara retail landscape, but the massive construction project has left some businesses in its dust.
The northbound lane reopened on July 1 on the State Street section that bridges downtown and the waterfront, but the relief came too late for businesses like Mermaid’s Chest and Nuance.
The Mermaid’s Chest was a mom-and-pop antique store at 16 Helena Ave. that closed in April of last year predominantly due to a decrease in foot traffic. The owners said that the construction was largely to blame.
The Lighthouse Skateshop took over that space about three months ago. While it has helped fill the void left by the closure of the Church of Skatan, the Lighthouse and the surrounding businesses have been held back by the construction, co-owner Naren Porter-Kasbati said.
“Between La Entrada and other city projects, they have hurt business,” he said. “The other surf shops around us are feeling it a lot, too. But when it’s all done, it’s going to be nuts down here.”
The restaurant at Hotel Indigo, Nuance, closed in January after less than a year in business at 119 State St. It opened last May after the Blue Tavern moved out in December 2014. It was the Anchor prior.
The estimated $130 million La Entrada project will feature a 123-room luxury hotel, shops, restaurants and open green spaces spanning about 250,000 square feet. But businesses will have to endure another year of construction until it’s completed, officials estimate.
“La Entrada will bring more vibrancy to lower State Street, it will be big,” Jim Turner of Radius Group previously told the Business Times.
More MOOYAH
MOOYAH Burgers, Fries & Shakes plans to open its first Ventura County location by the end of the year.
The fast-casual burger chain will be located at a 2,100-square-foot space at 1778 Erringer Road in the Simi Valley Marketplace. The Smart & Final-anchored center is in the final stages of a renovation, said MOOYAH franchisee Ara Avagyan, who recently opened a location in Monrovia. He is shooting for a November opening.
“We see a lot of opportunity for Simi Valley with its family-oriented community and the five schools in a 3-mile radius,” Avagyan said.
The Texas-based company has opened more than 100 locations since it was founded in 2007.
If the Simi location is successful, MOOYAH could add more locations in Ventura County, Avagyan said.
New Orcutt office
Central Coast Realty Group recently opened its fifth office at 145 S. Gray St., Ste. 201 in Orcutt.
The move will allow the independently-owned brokerage to expand its services from Santa Ynez and Lompoc valleys through Paso Robles.
CCRG has offices in Lompoc, Orcutt, Arroyo Grande, Shell Beach and San Luis Obispo.
Apartment deals
A 10-unit apartment complex at 400 N. G St. in Oxnard sold for $1.56 million, according to Craig Lieberman of Apartment Investment Specialists.
Lieberman also coordinated another sale of a 10-unit multifamily property at 330 Fillmore St. in Fillmore for $859,000. The buyers and sellers were not disclosed.
Ventura center sold
The 153,200-square-foot shopping center Poinsettia Plaza at 4220-4360 E. Main St. sold for $50 million, according to Cushman & Wakefield commercial real estate group.
Irvine-based IRA Capital Advisors purchased the center from Poinsettia Plaza LLC, which was represented by Cushman & Wakefield.
“The pricing achieved, in a secondary market, speaks to the value of the location and demonstrates the significant amount of capital chasing value-added opportunities,” said Dixie Walker of
Cushman & Wakefield, adding that there were 13 offers on the property.
The center is 84 percent leased and includes a Ross Dress for Less, Office Depot, FedEx Office, Petco and Starbucks.
7-Eleven to open in Oxnard
7-Eleven leased the former Saviers Market space in Oxnard and plans to open in three to four months.
Pamela Scott of GPS Commercial Real Estate Services coordinated the long-term lease for the 2,800-square-foot space at 3280 Saviers Road.
• Contact Alex Kacik at akacik@pacbiztimes.com.
