DAUM COMMERCIAL DIRECTS SALE OF SANTA BARBARA LAND PARCEL FOR $11.95 MILLIONNov 6, 2017
DAUM Commercial Real Estate Services has directed the $11.95 million sale of a land parcel in Santa Barbara, California located near the intersection of State Street and North La Cumbre Road. The parcel is currently occupied by the La Cumbre Plaza apartments, a 48-unit multifamily community.
Kerry Cole, an Executive Vice President and Branch Manager at DAUM Commercial’s Inland Empire office, represented both the buyer, a family trust, and the seller, a family ownership group, in this transaction.
“This was a rare investment opportunity in the extremely supply-constrained Santa Barbara marketplace,” says Cole. “The number of commercial properties available for purchase in the region has decreased by more than a third over the past two years.”
The land parcel is in close proximity to local beaches, as well as popular boutiques and restaurants in downtown Santa Barbara, making this property a strong acquisition based on its long-term value, according to Cole.
“The Santa Barbara market continues to post steady population growth, and well-located land offers the opportunity to leverage the market’s growth and popularity in order to create value over time,” he says.
Cole notes that the sale transaction was complex based on the need to negotiate not only between seller and buyer, but also with the owner of the multifamily community.
“Our extensive experience with land and investment sales makes the DAUM team well-positioned to undertake this sophisticated transaction and satisfy the requirements of both clients,” Cole affirms.
The parcel is located at 120 North La Cumbre Road in Santa Barbara, California.
DAUM Commercial is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients throughout the U.S.
DAUM has ten offices throughout Southern California and Arizona. More information is available at www.daumcommercial.com.