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Former El Torito property on waterfront sells for $7.2 million

By   /   Thursday, February 2nd, 2017  /   Comments Off on Former El Torito property on waterfront sells for $7.2 million

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The former El Torito property on the Santa Barbara waterfront was sold for $7.2 million, Lee & Associates announced on Feb. 2.

The owners are planning to re-tenant the space with a new undisclosed restaurant, the commercial real estate company said. The 9,500-square-foot space at 29 E. Cabrillo Boulevard has a 12,000-square-foot beachfront and sits along the soon-to-be revamped lower State Street next to the burgeoning Funk Zone.

Stephen Leider of Lee & Associates and Mark Mattingly of Pacifica Commercial Realty represented the seller, the Phyllis Ormonde Trust.

“The buyer owns adjacent parcels to the property and is planning a major renovation
to the outdated restaurant building,” said Leider.

El Torito closed in late 2015.

• Contact Alex Kacik at [email protected]

 

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