In one of the largest retail deals in California this year, an investment group led by J.S. Rosenfield & Company has purchased the 30-year ground lease from Pacific Capital Bancorp on the Coast Village Shopping Center in Montecito. The Santa Monica-based real estate company plans to convert the 45-year-old center into a country mart, said company president James Rosenfield.
The 40,000-square-foot Coast Village Shopping Center sits on four acres of land at the northern end of Coast Village Road, Montecito’s main retail street. Anchored by Vons — which is not part of the ground lease — and Santa Barbara Bank and Trust, the retail center also includes small restaurants, local retailers and service providers. The property is currently 50 percent occupied.
“Coast Village Road in Montecito is one of the few intimate retail environments in the United States sustained largely by longtime family businesses,” Rosenfield said. “It is an ideal location for the country mart model, which focuses on exceptional public spaces, essential neighborhood services, and small, independently owned and operated merchants. Our goal is to create an environment that brings social and economic value to Montecito in keeping with its small, rural community nature.”