September 14, 2021 9:00 AM
Newmark Knight Frank (“Newmark”) announces it has arranged the $13.9 million sale of The Platform, a multi-tenant office and industrial project located at 126 East Haley Street and 417 Santa Barbara Street in Santa Barbara, California.
Newmark Executive Managing Director Sean Fulp and Managing Directors Mark Schuessler and Ryan Plummer, in partnership with Paul Gamberdella of Radius Commercial Real Estate, represented the seller, Brian Lezak at Cameron Pacific in conjunction with The Miller Family Companies. The buyer, The Simms/Mann Family Foundation, was represented by Willa Fields at Beitler Commercial.
“Santa Barbara’s desirability has accelerated through the pandemic with commercial tenants and investors bullish on the future prospects of the market,” said Fulp. “The Platform, along with its prime location in the up-and-coming Haley Street Corridor, has everything that tenants are now seeking in commercial space.”
Plummer added, ““As the asset stabilized and concerns over a back-to-office strategy waned, we took the mixed-use property to market and received multiple offers within a short period of time, indicative of the demand for resilient asset classes.”
Situated a few blocks from State Street and the Funk Zone, the 33,133-square-foot property is 97 percent leased to 12 diverse tenants in a highly functional space suitable for office, flex, industrial and retail users. The one- and two-story buildings recently underwent an extensive renovation.
The property is one of the most desirable assets in the Santa Barbara market as it is part of the warehouse-laden Haley Street Corridor of the Lagoon District, which is Santa Barbara’s burgeoning creative neighborhood just east of downtown.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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