205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM 3.9.21 Austin Herlihy 805.879.9633 [email protected]CA LIC. 01518112 Chris Parker 805.879.9642 [email protected]CA LIC. 01887788 STATE ST | SANTA BARBARA CA 93101 FOR SALE | NET LEASED INVESTMENT ±10,214 SF Prime Retail Space adjacent to City Parking Lot 10 in the heart of Downtown Santa Barbara Offered at $9,950,000 624 TENANT URBAN OUTFITTERS SIGNED 5-YEAR LEASE RENEWAL DURING COVID-19 PANDEMIC
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STATE ST | SANTA BARBARA CA 93101FOR SALE | NET LEASED INVESTMENT
±10,214 SF Prime Retail Space adjacent to City Parking Lot 10 in the heart of Downtown Santa Barbara Offered at $9,950,000 624
TENANT URBAN OUTFITTERS SIGNED 5-YEAR LEASE RENEWAL DURING COVID-19 PANDEMIC
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The information provided here 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.
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Prime, single-level retail building custom designed and built for Urban
Outfitters in 1999 and has remained the only tenant since the building’s
completion. The ±10,214 SF structure is situated in a high foot traffic
section of downtown Santa Barbara adjacent to bars, dining, boutiques,
parking garages and entertainment venues. Sweeping, open floorplan
filled with natural light thanks to six skylights and large State Street
facing windows. Cement flooring and industrial-style lighting makes
this a modern and highly valuable asset for investors seeking Class A
properties in downtown Santa Barbara.
P R O P E R T Y O V E R V I E W
Offering Specifics
Price $9,950,000
Building Size ±10,214 SF
Price/SF $974/SF
Cap Rate 4.5%
NOI $451,478
Tenant Urban Outfitters (Nasdaq: URBN, $3 billion market capitalization) | 20+ year operations history at this property
Parking 553 parking spaces in the public lot behind property
APN 037-132-030
Year Built 1999
Zoning M-C (Manufacturing Commercial)
CITY PARKING LOT 10
F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
The information provided here 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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1
F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
The information provided here 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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1
Adjustment Term (Start–End) OptionsAddress Tenant Size (SF) Monthly Rent
624 State St. Urban Outfitters
10,214 SF $37,623.17 100% Fixed May 16, 2020–May 15, 2025 None
TOTALS 10,214 SF $37,623.17 100%
Rent AdjustmentsAddress Tenant Size (SF) Year 1
624 State St. Urban Outfitters 10,214 SF $451,478 Fixed
ANNUAL NET OPERATING INCOME: $451,478
CAP RATE: 4.5%
PURCHASE PRICE: $9,950,000
PRICE PER SQUARE FOOT: $974
I N C O M E A N A LY S I S & L E A S E S Y N O P S I S
Income Analysis
Lease Synopsis
F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
The information provided here 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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1
F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
The information provided here 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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1
F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
The information provided here 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.
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L O C AT I O N | D O W N T O W N S A N TA B A R B A R A & T H E F U N K Z O N E
HWY 101
GARDEN ST
HWY 101
Santa Barbara City College
STATE ST
STATE ST
Paseo Nuevo Mall
The Funk Zone
CABRILLO BLVD624
STATE ST.
Downtown Santa Barbara
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The information provided here 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.
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15 MOXI: The Wolf Museum of Exploration + Innovation
16 The Wayfarer Hotel
17 Casa Blanca Restaurant & Cantina
18 Channel Islands Surfboards
19 Santa Barbara FisHouse
20 Loquita Santa Barbara
21 Seven Bar & Kitchen
22 Sevilla Luxury Condo Complex
19
22
1417
9
5
21
13
3
11
7
15
2 18
10
6
4
20
12
8
16
MASO
N S
T
624 STATE ST.
1
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The information provided here 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.
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F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
The information provided here 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.
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We are a leading lifestyle products and services company that operates a portfolio of global
consumer brands comprised of the Anthropologie, Bhldn, Free People, Terrain, Urban
Outfitters and Nuuly brands and our Menus & Venues (formerly known as “Food and
Beverage”) division. We have achieved compounded annual sales growth of approximately 4% over the past five
years, with sales of approximately $4.0 billion during the fiscal year ended January 31, 2020. URBN is traded on the
NASDAQ and currently has 248 locations.
We operate under three reportable segments – Retail, Wholesale and Subscription. Our Retail segment consists of
our Anthropologie, Bhldn, Free People, Terrain and Urban Outfitters brands and our Menus & Venues division.
We have over 49 years of experience creating and managing retail stores that offer highly differentiated collections
of fashion apparel, accessories and home goods, among other things, in inviting and dynamic store settings. Our
core strategy is to provide unified environments that establish emotional bonds with the customer, primarily
through Company-owned stores but also through franchised or third-party operated stores. In addition to retail
stores, we offer our products and services directly to our customers through our websites, mobile applications,
catalogs, customer contact centers and digital businesses. The Menus & Venues division includes various casual
dining concepts.
We operate a Wholesale segment under the Free People, Anthropologie and Urban Outfitters brands. The
Wholesale segment sells through department and specialty stores worldwide, digital businesses and our Retail
segment. The Wholesale segment primarily designs, develops and markets apparel, intimates, activewear and
home goods.
Our Subscription segment consists of the Nuuly brand, which is a monthly women’s apparel subscription rental
service that launched on July 30, 2019.
Urban Outfitters is a lifestyle retailer dedicated to inspiring custom-ers through a unique combination of product, creativity and cultural understanding. Founded in 1970 in a small space across the street from the University of Pennsylvania, Urban Outfitters now operates over 200 stores in the United States, Canada and Europe, offering experiential retail environments and well-curated mix of on-trend women’s and men’s closthes, from boho dresses, denim and graph-ics to shoes, hats, and backpacks, as well as beauty, intimates, swim and a collection of handpicked vintage clothing.
F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
The information provided here 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.
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F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
The information provided here 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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1
F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
The information provided here 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.
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F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1
The information provided here 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.
2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1
Symbolizing the ultimate in casual California lifestyle, Santa Barbara is undoubtedly one of America’s most desirable destinations to live and travel.
Located on a pristine coastline approximately 337 miles south of San Francisco and 93 miles north of Los Angeles, Santa Barbara is nestled between the Pacific Ocean and the Santa Ynez Mountains. This stretch of coast is known as the “American Riviera” because of its mild Mediterranean climate.
With a population of approximately 92,101, Santa Barbara is both small and vibrant. Locals and visitors are drawn to the city’s charming downtown and picturesque State Street with its rich Spanish architecture and historical sites, wide variety of shops and galleries, numerous Zagat-rated restaurants and thriving open-air shopping centers like the famed Paseo Nuevo Mall. Pristine, sunny beaches, an exapansive harbor and countless outdoor attractions including the Santa Barbara Zoo, Santa Barbara Mission, Stearns Wharf and Santa Barbara Museum of Natural History all add to the area’s appeal. And with nearly 220 vineyards within a short drive, Santa Barbara County is a renowned wine region offering an array of some of the finest labels in the world.
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The information provided here 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.
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ECONOMYAs a major travel destination, Santa Barbara’s tourism and hospitality industry are vital components of the local economy, which also includes a very large service sector (nearly 35%), education, technology, health care, finance, agriculture, manufacturing, and local government. Education in particular is well-represented with five higher learning institutions including UCSB, Santa Barbara City College and Westmont College. Santa Barbara has a vibrant, growing tech industry, expanding hotels with over 500 new rooms coming online in the near future, and additional extensive development.