Foundation puts cash to work in soft commercial real estate market
In a typical week, I get about a dozen real estate deals in my inbox. Most of them are pretty forgettable, and some are only buzzworthy because, well … there’s nothing else to buzz about. Leases are few and sales are far between.
So you can imagine my surprise when I heard from Ron Gallo, president and CEO of the Santa Barbara Foundation, telling me the group had just bought a prominent downtown building and is moving its headquarters in an effort to create a central location for area nonprofits.
“We’ve been looking for this additional space for maybe three years,” Gallo said. “Our operations have just outgrown the working space at our current location.”