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Upper State Street retail center sells for $3.1M

By   /   Monday, September 29th, 2014  /   Comments Off on Upper State Street retail center sells for $3.1M

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Ontare Plaza, a small retail center at 3601-3607 State St. in Santa Barbara, has been sold for $3.1 million.

Leisure & Carpenter Properties purchased the 4,855-square-foot property in a 1031 exchange, a Lee & Associates spokesperson told the Business Times.

Clarice Clark and Stephen Leider of Lee & Associates negotiated the deal for the seller, The Morada Group LP.

The center, which is not fully leased, is anchored by Jeannine’s Bakery and The Medicine Shoppe.

Lease & Carpenter has plans to improve and modify the building, according to sources, but details of the proposed upgrades weren’t disclosed.

 

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