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The center, located on lower State Street along Highway 101, represents the largest sale of retail property in downtown Santa Barbara in 13 years.
The complex on State Street along Highway 101, anchored by REI, was previously purchased in two separate deals for about $13 million between 2005 and 2010.
CBRE Capital Markets’ Debt & Structured Finance team announced Dec. 9 that the firm secured a $33.1 million construction loan for Parklands Apartments, a 173-unit, high-end apartment development in Ventura.
One of the largest downtown Santa Barbara vacancies will be filled next month, when outdoor gear retailer Recreational Equipment, Inc. opens its 24,500 square-foot store.