Upper State Street retail center sells for $3.1M
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.