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Foundation puts cash to work in soft commercial real estate market

By   /   Monday, September 28th, 2009  /   Comments Off on Foundation puts cash to work in soft commercial real estate market

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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.”

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