100% NNN Leased, High Credit Tenant 8,683 SF Office/Retail Building

FOR SALE ▶ $4,250,000 100% NNN Leased, High Credit Tenant 8,683 SF Office/Retail Building

430 Chapala Street, Santa Barbara, CA 93101

CROSBY SLAUGHT | [email protected] | 805.690.1017 | DRE LIC. NO. 01939629 WWW.INVESTECRE.COM | 200 E. CARRILLO STREET, SUITE 200 | SANTA BARBARA, CALIFORNIA 93101 FOR SALE: $4,250,000 ▶ FULLY LEASED, 8,683 SF OFFICE/RETAIL BUILDING ▶ 430 Chapala St., Santa Barbara, CA 93101

PROPERTY OVERVIEW

430 Chapala is a one of a kind 100% NNN leased, mixed-use building, currently undergoing a full remodel to serve as the new west coast headquarters for Pentland Group and SeaVees. Originally constructed in 1926 as a church for the Salvation Army—430 Chapala is situated in the Lower State Street district of Santa Barbara. Located on the corner of Chapala and Haley Street, and one block off of State Street, 430 Chapala is centered on the main artery between the Santa Barbara Waterfront/Funk Zone and Paseo Nuevo Mall. With views of the Santa 01 – View from second floor Ynez Mountains and a walk score of 98, this two story with finished basement building is central to all Santa Barbara has to offer.

Funk Zone PROPERTY DETAILS

• Price: $4,250,000 • Year Built: 1926 ; retrofitted in 2001; currently under remodel • NOI: $198,514 • Occupancy: 100% NNN Leased • CAP Rate: 4.67% • HVAC: 25 tons, adjustable on • Lease term: 6 yrs. w/ options each floor • Annual Increases: 3% • ADA Lift: From street level to • Building Size: 8,683 1st floor

• Price PSF: $490 • Floors: 2, with improved 02 – 8 minute walk to the funk zone basement • APN: 037-211-028

LEASE ABSTRACT LEASE FINANCIAL ANALYSIS

Tenant Pentland USA Size Annual Rent/SF Year 1: 2020 Square Feet: 8,683 SF 1st Floor 3,164 SF $28.20 $89,225.00 NOI: $198,516.00 2nd Floor 3,164 SF $ 28.20 $89,225.00 Operating Costs: 100% NNN Basement 2,355 SF $8.52 $20,065.00 Lease Term: 6 years NNN Income 8,683 SF $7.08 $61,476.00 Lease Commencement: January, 2020 Rent Adjustment: Annual 3% Increase Pentland has two (2), five (5) year options. Annual Gross Income $259,990.00 Options: The 1st option has fixed 3% annual increases.

The 2nd option is at Fair Market Value Less Estimated Expenses New Taxes: 1.05% (44,625.00) Insurance (3,420.00)

Common Area Maintenance Roof (1,500.00) Maintenance (2,400.00) HVAC Preventative (1,200.00) Management Fee: 3% (8,329.00) Operating Expenses (NNN) (61,474.00)

Net Operating Income $198,516.00 CAP Rate 4.67% Purchase Price $4,250,875.00

AERIAL PHOTOS SITE PLAN

State Street 430 Chapala Street

Paseo Nuevo Mall

FLOOR PLANS

04 – First floor floorplan 05 – Second floor floorplan 06 – Basement floorplan

INTERIOR PHOTOS DESIGN CONCEPTS

ABOUT THE TENANTS

Pentland Group

Pentland Group is a privately held, global brand management company Athleisure and Finish Line. Pentland Group has since purchased a larger focused in the sports, outdoor and fashion markets. Founded in 1932 as stake in JD Sports Fashion and is now the majority shareholder at 57%. the Liverpool Shoe Company, Pentland Group has evolved from the sale Pentland is led by chairman Stephen Rubin, who in 2018 was listed as the and manufacturing of shoes, to owning some of the most wellknown and highest tax payer in the United Kingdom. Pentland’s success began to take recongnized brands in the active clothing and footwear world. Companies off in August of 1981 when Rubin and Pentland acquired 55% of Reebok for such as Speedo, Berghaus, Canterbury of New Zealand, Endura, Mitre, $77,500. In 1991, Rubin sold off Pentland’s stake in Reebok for $770 Million. Ellesse, Boxfresh, SeaVees, KangaROOS, Red or Dead fall under the Pentland In 2017 Pentland Group benefited from a record performance in which Group umbrella. Pentland also owns the global licensee for Karen Millen, revenues reached over $4.5 Billion. Pentland employees an estimated as well as a joint venture partnership with Lacoste Chaussures. In May of 20,500 worldwide. 2005, Pentland Group acquired 45% of JD Sports Fashion and its 2,400 retail outlets worldwide, which includes groups such as Champion Sports, Next To read more about the company please go to pentlandbrands.com