Limoneira sells Sevilla to reduce corporate debt
Santa Paula-based Limoneira, with real estate development operations, in addition to its citrus growing, packing, selling and marketing agribusiness, closed the sale of its real estate development property known as “Sevilla,” in Santa Maria, for $2.6 million in cash proceeds Nov. 30, the company said. The company said it recorded an immaterial loss in the fiscal first quarter of 2023.
Harold Edwards, President and Chief Executive Officer, stated in a release, “We are very pleased to have delivered on our goal to close the sale of our Sevilla property in calendar year 2022 and to deliver against our strategy of selectively selling off non-core assets as we move toward an asset-light model. We will use the cash generated by this sale to continue reducing our debt and enhance shareholder value.”
SIMI VALLEY MIXED USE
Daum Commercial Real Estate Services is looking for commercial tenants to fill the rental spots in Simi Valley’s approved Santa Susana Plaza. Santa Susana Plaza will be a mixed-use redevelopment with room for 280 units and 400 residents.
Situated off Highway 118, the Santa Susana spots would be direct neighbors with the multi-family units as well as anchor stores such as Walmart, Joann Fabrics and AutoZone. They would be adjacent to several other shopping complexes, some of which house grocery chains, movie theaters, restaurants, healthcare facilities and banking institutions.
The community is also set to have a park off Tapo Street meant to host public events that would bring additional consumers to the center. A parking garage is also being zoned for the residents.
The Simi Valley City Council has already approved and entitled the project which is set to break ground in the summer of 2023.
REQUISITE SIDES UP
Requisite Luxury Properties has partnered with Side to enhance both of their brands.
Requisite Luxury Properties, led by Lisa McCann, is a boutique real estate agency that represents the Santa Barbara and Montecito area as well as the Aspen and Snowmass region. Side is the real estate technology company that markets itself as partnering exclusively with other high-performing teams to increase both of their market presences as leading specialty shops.
McCann, who is licensed in both California and Colorado, ranked in the top 1.5% of producers nationwide per RealTrends in 2021. She closed last year with $67 million in sales. McCann describes Requisite Luxury Properties as a brand that works with clients in not one but two luxury locales, California’s coastal regions and Colorado’s ski-lover’s paradises.
Side will work behind the scenes, supporting the real estate firm with a singular brokerage platform that includes proprietary technology, transaction management, branding and marketing, public relations, legal support, lead generation, vendor management, and infrastructure solutions.
“Side’s state-of-the-art marketing, technology, administrative and legal services give my business the consistent efficiency that will eliminate time-consuming and costly delays,” said McCann in a press release. She continued, “Its services also enable me to do more of what I love – spend one-on-one time with my clients and mentor newer agents.”
HIGHWAY 101 UPDATES
Highway 101 will undergo closures throughout early and mid-December (from Dec. 4 to Dec. 17).
Northbound 101 closures include one lane from Santa Claus Lane to Sheffield Drive on Sunday nights 9 p.m. to 5 a.m. and Monday through Thursday nights from 8 p.m. to 5 a.m. The on-ramp at Ortega Hill Road is expected to reopen on Feb. 14, 2023, but for now commuters can use the on-ramp at Sheffield Drive. The off-ramp at Evans/Lillie Avenue is expected to reopen Jan. 26, 2023, in the meantime commuters can use the northbound off-ramp at North Padaro Lane.
The start of construction for the Olive Mill Roundabout was pushed back for a couple of weeks to allow Caltrans, the City of Santa Barbara and the County of Santa Barbara more time to finalize the long term maintenance agreement.
Southbound 101 closures include Sheffield Drive to Carpinteria Avenue on Sunday nights from 10 p.m. to 7 a.m. and Monday through Thursday nights from 9 p.m. to 7:30 a.m. The on-ramp at Santa Claus Lane is expected to reopen on Jan. 29, 2023, in the meantime drivers can use the detour on Via Real, Santa Ynez Avenue, Carpinteria Avenue and Reynolds Avenue. The off-ramp at North Padaro Lane will be closed at night on Dec. 4 and start long term closures for up to three months on Dec. 5 with expected reopening on Feb. 28, 2023.
AIA SB ANNUAL AWARDS
The Architectural Institute of America, Santa Barbara chapter announced this year’s winners of the Design Awards. The AIA held its gala on Dec. 1, honoring the achievements of local architects and architecture.
Those honored included the Coastal Mediterranean for Santa Barbara Architectural Heritage, Confidential Technology Company for Commercial Interiors, Santa Barbara Museum of Art for Historic Preservation, Restoration, Rehabilitation or Reconstruction and Beachside Modern for Single Family Residential.
Merit-based awards went to La Paz Residence for Santa Barbara Architectural Heritage, Cabrillo Pavilion for Historic Preservation, Restoration, Rehabilitation and Reconstruction and Thayer Trellis for Small Projects: Single Family Residential Additions, Remodels or Accessory Dwelling Units.
•Madeleine Benn covers commercial real estate for the Pacific Coast Business Times. She can be reached at email@example.com.