222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it. 6/20/17 Greg Bartholomew 805.898.4395 [email protected] lic. 01131126 Experience. Integrity. Trust. Since 1993 FOR SALE 624 State St, Santa Barbara, CA | Downtown Retail Building | 10,217 SF
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222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. 6/20/17
Greg [email protected]. 01131126
Experience. Integrity. Trust.Since 1993
FOR SALE 624 State St, Santa Barbara, CA | Downtown Retail Building | 10,217 SF
Address: 624 State St
Size: 10,217 SF
Price: $9,400,000
Cap Rate: 4.8%
NOI: $451,000
Monthly Rent: $3.68 NNN
Tenant: Urban Outfitters (Nasdaq: URBN, $2 billion market capitalization)
Term: Expires May 2020
Option: Tenant has one (1) option to extend term for 5 years at market rate
APN: 037-132-030
Zoning: C-M
Frontage: 55’
Parking: Adjacent to city lot
CSO%: 2%
To Show: Call listing agent
Property Overview100% NNN leased to Urban Outfitters Inc, this single-story building offers 55’ of frontage on State Street in the center of Santa Barbara’s retail artery and among a host of businesses targeting the same demographic. Custom built in 1999 with high ceilings, beautiful wood craftsmanship, and a clear-span sales floor filled with natural light, this is one of the area’s finest retail buildings. Leased until May 2020 with one 5-year renewal option.
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. 6/20/17
Greg [email protected]. 01131126
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 2
624 State St, Santa Barbara, CA | Downtown Retail Building | 10,217 SFFOR SALE
STATE ST
Restrooms
Floor Plan
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. 6/20/17
Greg [email protected]. 01131126
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 3
624 State St, Santa Barbara, CA | Downtown Retail Building | 10,217 SFFOR SALE
Photos
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. 6/20/17
Greg [email protected]. 01131126
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 4
624 State St, Santa Barbara, CA | Downtown Retail Building | 10,217 SFFOR SALE
Area Information
The subject property is situated at the bullseye of Santa Barbara’s retail trade area and central business district, in a zone dense with high-quality tenants.
THE RETAIL BULLSEYE
With State Street as its central artery, downtown Santa Barbara is the geographic, cultural and business center for the South Coast metro area and its 210,000 residents and more than 6 million visitors annually. Based around the Paseo Nuevo mall, the State Street corridor is the location of choice for national tenants, including soft goods, food use, telecomm, and banking.
DOWNTOWN
With 35,000 tourists on average in the city every day, the downtown area is a thriving commercial hub far more cosmopolitan than Santa Barbara’s population count would suggest. Business, shopping, arts, dining and leisure all intersect downtown, with sandy beaches at its doorstep and a backdrop of rugged coastal mountains.
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. 6/20/17
Greg [email protected]. 01131126
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 5
624 State St, Santa Barbara, CA | Downtown Retail Building | 10,217 SFFOR SALE
Urban Outfitters combines unique products with engaging store design, appealing to college-age customers. Continually on the cutting edge of fashion as well as cultural issues, the brand incorporates original design elements at their stores, stripping back the paint on old buildings, exposing brick walls, and preserving historical aspects while infusing them with a fresh environment.
There are currently 242 Urban Outfitters stores in the United States, Canada, and Europe.
Urban Outfitters, Inc. is a multi-faceted products and services company that began with — and is possibly best known for — its clothing and lifestyle subsidiary Urban Outfitters. Its most recent expansion included the acquisition of the award-winning and Philadelphia favorite Vetri Family group of restaurants.
The company has a history of diversifying and adapting to cultural shifts and needs. The first quarter of 2017 has shown URBN a total net sales of $761 million, as the company continues with its philosophy of creativity and wellness.
Tenant Profile
Founded: 1970NASDAQ: URBNHQ: Philadelphia, PAMarket Cap: $2B
SUBSIDIARIESUrban OutfittersAnthropologieFree PeopleTerrainBHLDNVetri Family
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. 6/20/17
Greg [email protected]. 01131126
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 6
624 State St, Santa Barbara, CA | Downtown Retail Building | 10,217 SFFOR SALE
1 Canary Hotel
2 Saks Off 5th
3 Apple Store
4 Nordstrom
5 Forever 21
6 Marshalls
7 H&M
8 Sur La Table
9 Bank of America
10 Lobero Theatre
11 Lucky Brand Jeans
12 Coach
13 Swarovski
14 Banana Republic
15 Pinkberry
16 El Paseo & The Wine Cask
17 Lululemon
18 De La Guerra Plaza
19 Post Office
20 Restoration Hardware
21 Verizon
22 Cost Plus World Market
23 Hotel Santa Barbara
24 Samy’s Camera
3
1
2
165 9
7
4
811
13
12
15 18
17
20
10 19
6
14
21
22
23
SITE
1 Billabong
2 Gossip
3 CRSVR
4 The Habit
5 Volcom
6 Metro 4
7 Vans
8 Levi’s
SITE
Target Demographic
24
Urban Outfitters aims to serve 18 to 30 year-olds, and the subject property is surrounded by retailers targeting the same demographic. In addition to Paseo Nuevo (home to Abercrombie & Fitch, Gap, and H&M), here are examples on the 600 block.
12
34
5 67 8
The information contained herein has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee i t. 6/20/17
Greg [email protected]. 01131126
Experience. Integrity. Trust.Since 1993
222 E. Carrillo Street, Suite 101, Santa Barbara, California 93101 | HayesCommercial.com 7
624 State St, Santa Barbara, CA | Downtown Retail Building | 10,217 SFFOR SALE
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