$2.6M deal marks record for Summerland CRE market
The recent sale of a high-profile mixed-use property on Lillie Avenue in Summerland marks the highest price per square foot for a commercial property larger that 2,000 square feet in the coastal town.
The property, located at 2330 Lillie Ave. and home to Summerland Winery’s tasting room and Bonita Boutique, sold for more than $600 per square foot, according to Hayes Commercial Group, which represented the seller in deal negotiations.
The sale price for the 4,344-square-foot building was more than $2.6 million, Hayes confirmed to the Business Times.
Both the seller and the buyer, an undisclosed local investor, were represented by Michael Martz and Kristopher Roth, brokers with Hayes. The transaction was an off-market deal.
“This is one of Summerland’s premier properties, both for its location and quality of construction,” Martz said in a statement. “We were pleased to obtain a premium price on behalf of our client.”
In addition to the retail space, the building has two residential units located on the second floor. The building sits on an 11,761-square-foot parcel.