This listing is under contract.

Trophy STNL | eCommerce, Fortune Top 10 Company | Santa Barbara, CA | Hiring 75,000 Workers

1001 State Street Santa Barbara, CA 93101

1001 State Street, Santa Barbara, CA, 93101
1001 State Street, Santa Barbara, CA, 93101 1001 State Street, Santa Barbara, CA, 93101 1001 State Street, Santa Barbara, CA, 93101
UNDER CONTRACT FOR SALE NNN Property
Property Type:
Free Standing Building
Amount:
$38,400,000
Cap Rate:
4.57%
Last Verified:
Oct 12, 2020

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Marketing Description

New 10 Year Corporate Guaranteed Lease

Bldg. SF: +/- 48,564 SF (Three Stories)

Asking Price: $38,400,000

Year 1 Cap Rate *: 4.57%

10 Year Avg. Cap Rate: 5.02%

Lease Type: NNN

Lease Term: 09/01/2019 - 08/31/2029 (10 Years)

Built in Increases: Annually 

Options: Two (2) Five (5) Year Options @ Fair Market Value

Ownership: Fee Simple (Land & Building)

Land SF: 42,689 SF (0.98 Acres) 

APN's: 039-281-023, 024, 036

Zoning: C-2 (General Commercial)

Debt: Buyer may purchase all cash or bring new debt.

* Fiscal Year 7/1/20 - 6/30/21

Investment Highlights

WORLD CLASS TENANT
  • New 10 Year NNN Lease With One Of Strongest Companies In The World. 
  • Corporate Guarantee. The Guarantee Is Structured So The Entire 10 Years Of Initial Term is Guaranteed.
  • Built in Annual Increases and a NNN Lease which allows for Property Management Fee Reimbursements Creates An Ease of Management Investment With Tremendous Rental Growth.
  • Purchased Santa Barbara Based Tech Company Graphiq For Approx. $50 Million in 2017 & Invested In A $50 Million Series B Fund in Santa Barbara based Trackr To Strengthen Technology. 1001 State Street Will Serve as Headquarters For The Team, and is a crucial component enabling devices which make up 84% of the companies revenue.
  • Company Invested Approximately $14,000,000 Into Building Improvements, Demonstrating A Long Term Commitment To The Asset.

IRREPLACEABLE LOCATION

  • Main on Main Corner Location on Iconic State Street Within The Central Business & Retail District of Downtown Santa Barbara. 
  • Intersection Of State & Carrillo Street Is A Primary Entrance To Downtown Santa Barbara From The 101 Fwy.

TECH RENAISSANCE

  • Downtown Santa Barbara Has Emerged As a Hub For Technology Companies Over The Past 12 Years Which Has Promoted Mixed Use Development & Instilled Economic Vitality To The Area. 
  • Over 70 technology companies call downtown home.
  • Downtown offers a walkable, amenity rich environment for tech employees = lifestyle benefit.
  • Sonos, LogicMonitor, Tapjoy, and Honey Science are the latest major additions to the burgeoning tech scene.

SYNERGY

  • One (1) Block From 458,000 SF Paseo Nuevo Mall ($20 Million Dollar Renovation By Pacific Retail Partners & J.P. Morgan Asset Management), An Iconic Downtown Santa Barbara Shopping Destination. 
  • The Neighboring Landmark Carrillo Building just underwent a $1 Million Dollar Mixed Use Renovation. The Turnkey Suites Are Now Leasing To Office, Retail, & Restaurant Users.

FUNCTIONALITY

  • Over $20,000,000 of Capital Upgrades Spent On Property Over Past 14 Months.
  • Superstructure Is A Steel Reinforced Concrete Frame.
  • Rare Private On Site Parking Field, Adjacent 154 Stall Public Lot + 1,197 Public Stalls Within 1 Block = Abundance of Convenient Parking Options.
  • Unmistakable Building Identity With Timeless Highly Improved Architecture On Display Via 100 Feet Of Frontage On State Street & 200 Feet Of Frontage On Carrillo Street + Four (4) Entrances

https://youtu.be/NK8gzt15qVs

Additional URLs

Map of 1001 State Street, Santa Barbara, CA, 93101

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Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

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