$10M State Street Borders deal is a bright spot in a dull market
The $10 million sale of 900 State St. in Santa Barbara makes for the largest retail real estate deal in the city in more than two years, but the outlook for the South Coast’s commercial real estate market remains shaky. The 38,000-square-foot retail space where Borders bookstore is housed was sold on April 5 to Read More →
Novel plan may speed green building
A new way of financing energy efficiency upgrades in buildings is gathering steam across Santa Barbara County and headed for a vote by supervisors on April 13. Called emPowerSBC, the program allows property owners to borrow money from a funding pool set up by the county, install upgrades such as solar and pay off the Read More →
Hotel could change hands
The 135-room Country Inn & Suites in Port Hueneme might change hands soon as its owners face foreclosure on $53.2 million in debt. The loan dispute is between two obscure partnerships that ultimately lead to the Royal Bank of Scotland and Credit Suisse, two of the largest investment banks in the world. It also represents Read More →
Wal-Mart revises plans
Wal-Mart has submitted a scaled-down revision for its plans to build a supercenter store in Atascadero, the Tribune reported. The retail giant now proposes a 123,112-square-foot retail and grocery building, including a pharmacy, although it will no longer be a drive-through, and a 6,448-square-foot outdoor garden center, the newspaper reported. A tire and lube express Read More →
Late bidder emerges to top offer for CKE
Hold the lettuce. The emergence of a late bidder has frozen private equity firm Thomas H. Lee’s plans to take Carpinteria-based CKE Restaurants private for $11.09 per share. The parent company of Carl’s Jr. and Hardees said April 7 it had received a late bid that was likely to top THL’s best offer, an announcement Read More →
