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By Staff Report / Tuesday, November 12th, 2013 / Real Estate / 1 Comment
The bankrupt Camarillo Plaza community shopping center has been sold to an undisclosed Beverly Hills buyer for $17.8 million after receiving 20 separate offers.
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By Marlize van Romburgh / Friday, November 8th, 2013 / Columns, Real Estate, Technology / Comments Off on Sonos sets tone for tech firms as it snaps up downtown space
Music equipment maker Sonos markets some of the highest-quality audio equipment around, but the company is being very quiet as it snaps up thousands of square feet of space in downtown Santa Barbara. According to the brokers at Radius Group’s economic and commercial real estate forecast on Oct. 31, Sonos has now leased about 100,000 square feet of new space over the last year, and is looking for more.
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By Stephen Nellis / Friday, November 1st, 2013 / Real Estate, South Coast, Top Stories, Tourism / Comments Off on Court launches bids for eight Nesbitt hotels
Montecito hotel magnate Pat Nesbitt could lose as many as half of his Embassy Suites properties under a recently approved bankruptcy reorganization plan.
Nesbitt and his company, Windsor Capital Group, parked a portfolio of eight Embassy Suites hotels in Chapter 11 bankruptcy, listing more than $100 million in debts, after being unable to work out a deal with his servicer, New York-based Torchlight Investors. Nesbitt’s Embassy Suites properties in Lompoc and San Luis Obispo were not involved in the case.
Court documents filed in U.S. Bankruptcy Court in Santa Barbara indicate the eight hotels in the bankruptcy are now slated to go to the auction block.
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By Marlize van Romburgh / Friday, November 1st, 2013 / Columns, Real Estate / Comments Off on Montecito Medical’s $54M buy raises stake for health properties
Montecito Medical Acquisition Co., a Santa Barbara-based real estate investment firm, has made one of its largest purchases to date, paying $54.6 million for the UCLA Outpatient Surgery and Oncology Center in Santa Monica. The firm now has about $170 million in assets, even after divesting some of the properties it purchased with its first fund between 2006 and 2008.
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By Staff Report / Tuesday, October 29th, 2013 / Central Coast, Latest news, Real Estate, Technology, Top Stories / Comments Off on Mindbody breaks ground on $20M campus in SLO tech corridor
San Luis Obispo is set to get its flagship high-tech campus as software company MindBody CEO Rick Stollmeyer and local officials broke ground Oct. 29 on a $20 million project including a new office building, four-story parking structure and promenade that will link with an existing facility, eventually boosting employment to 1,300 people.
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By Staff Report / Tuesday, October 29th, 2013 / Banking & Finance, Earnings, Latest news, Real Estate, Tri-County Public Companies / Comments Off on Ryland’s Q3 profits jump 415% on higher home sales
Westlake Village-based Ryland Group made a roaring comeback in the third quarter, with profits up 415 percent to $53.6 million. The parent company of national homebuilder Ryland Homes said revenue rose 60.7 percent to $576.4 million on higher sales as the housing market continued to rebound.
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By Stephen Nellis / Friday, October 25th, 2013 / Banking & Finance, Law & Goverment, Real Estate, Top Stories / Comments Off on Montecito investor gets sentencing date as ex-wife seeks bankruptcy
David Prenatt, the Montecito real estate investor who took in $18 million from more than a dozen people and then used the cash to support what a bankruptcy trustee called “lavish spending habits,” is headed for a sentencing in federal criminal court on Dec. 9.
Prenatt struck a deal with federal prosecutors this summer and pleaded guilty to giving false loan application information to Lompoc-based CoastHills Federal Credit Union. Prenatt’s creditors forced him into an involuntary bankruptcy proceeding in 2009. Earlier this fall, his former wife Maria Prenatt filed for personal bankruptcy claiming $27.1 million in debts.