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 624 Offered at $9,950,000
TENANT URBAN OUTFITTERS SIGNED 5-YEAR LEASE RENEWAL DURING COVID-19 PANDEMIC
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
PROPERTY OVERVIEW
Prime, single-level retail building custom designed and built for Urban Outfitters in 1999 and has remained the only tenant since the building’s CITY PARKING completion. The ±10,214 SF structure is situated in a high foot traffic LOT 10 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.
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)
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
2020 DEMOGRAPHICS 1 MILE 5 MILE 10 MILE TRAFFIC COUNTS
Average HHI: $90,128 $130,290 $137,670 101 Freeway at Carrillo/Bath Strets 98,402 ADT
Population: 25,391 88,614 112,423 State Street at W. Carrillo St. 23,328 ADT
Daytime Population: 35,867 54,781 70,095 State Street at E. Haley St. 6,960 ADT
2020 Estimates from SitesUSA Traffic Counts from SitesUSA
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
INCOME ANALYSIS & LEASE SYNOPSIS
Income Analysis
Rent Address Tenant Size (SF) Year 1 Adjustments
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
Lease Synopsis
Share of Operating Rent Address Tenant Size (SF) Monthly Rent Costs Adjustment Term (Start–End) Options
624 State St. Urban 10,214 SF $37,623.17 100% Fixed May 16, 2020–May 15, 2025 None Outfitters
TOTALS 10,214 SF $37,623.17 100%
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
STATE STREET
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
SANTA BARBARA SANTA BARBARA HARBOR CITY COLLEGE THE FUNK 1 Apple ZONE 2 Bank of The West 3 FedEX Office Print & Ship Center 4 Old Navy 10 11 5 Marshalls 16 6 Satellite SB 19 20 624 STATE 18 7 Rite Aid STREET 15 8 Montecito Bank & Trust 9 Bank of America Financial Center PASEO NUEVO 6 MALL 10 Holiday Inn Express 9 11 Institution Ale 5 12 Kimpton Canary Hotel 5 13 Dune Coffee Roasters 14 Gold’s Gym 1 12 15 Grassini Family Vineyards 14 16 Levi’s Store CHAPALA ST.
17 CVS Pharmacy ST. STATE 18 Volcom 8 19 Cost Plus World Market 20 Santa Barbara Craft Ramen 13
3 17
2
4
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
LOCATION | DOWNTOWN SANTA BARBARA & THE FUNK ZONE
Santa Barbara Santa Barbara City College Harbor Stearns Wharf West Beach HWY 101 Santa Barbara STATE ST Train Station CABRILLO BLVD 624 STATE ST. The Funk Zone STATE ST
HWY 101 Downtown GARDEN ST Santa Barbara
Paseo Nuevo Mall
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
NEARBY COMMERCE & AMENITIES
1 The Hotel Californian 2 Brass Bear Brewing & Bistro 624 STATE ST. 9 3 Yoga Soup
4 Santa Barbara Roasting Company Downtown 10 Santa 17 HWY 101 14 5 Greyhound & Amtrak Stations Barbara 6 Hotel Indigo Santa Barbara 11 21 7 D'Angelo Pastry & Bread 7 4 8 Mountain Air Sports 22 16 3 YANONALI ST 9 Metropulos Fine Foods Merchant STATE ST 12 13 10 REI 20 18 11 Tyger Tyger 5 2 12 Figueroa Mountain Brewery MASON ST
13 The Lark Restaurant 15 19 6 14 Topa Topa Brewing Co.
15 MOXI: The Wolf Museum of Exploration + Innovation 1 8 16 The Wayfarer Hotel
17 Casa Blanca Restaurant & Cantina
18 Channel Islands Surfboards
19 Santa Barbara FisHouse CABRILLO BLVD 20 Loquita Santa Barbara Stearns 21 Seven Bar & Kitchen West Wharf Beach 22 Sevilla Luxury Condo Complex Santa Barbara Harbor
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
FLOORPLAN 624 State St. | ±10,214 SF $974/SF
Restrooms STATE STREET STATE
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
THE TENANT | URBAN OUTFITTERS
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, Urban Outfitters is a lifestyle retailer dedicated to inspiring custom- ers through a unique combination of product, creativity and cultural catalogs, customer contact centers and digital businesses. The Menus & Venues division includes various casual understanding. Founded in 1970 in a small space across the street dining concepts. from the University of Pennsylvania, Urban Outfitters now operates over 200 stores in the United States, Canada and Europe, offering We operate a Wholesale segment under the Free People, Anthropologie and Urban Outfitters brands. The experiential retail environments and well-curated mix of on-trend Wholesale segment sells through department and specialty stores worldwide, digital businesses and our Retail women’s and men’s closthes, from boho dresses, denim and graph- segment. The Wholesale segment primarily designs, develops and markets apparel, intimates, activewear and ics to shoes, hats, and backpacks, as well as beauty, intimates, home goods. swim and a collection of handpicked vintage clothing. urbanoutfitters.com Our Subscription segment consists of the Nuuly brand, which is a monthly women’s apparel subscription rental service that launched on July 30, 2019.
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
THE TENANT, CONT. | URBAN OUTFITTERS
Milestones in the Company’s growth are as follows: 2016: Acquired Vetri Family restaurants in Philadelphia, Pennsylvania 1970: First Urban Outfitters store opened near the University of Pennsylvania campus in Philadelphia, Pennsylvania 2017: Anthropologie Wholesale division established 1976: Incorporated in the Commonwealth of Pennsylvania 2018: Urban Outfitters Wholesale division established; first Urban 1984: Free People Wholesale division established Outfitters and Free People franchise stores opened in Israel; first
1992: First Anthropologie store opened in Wayne, Pennsylvania European Free People store opened in Amsterdam
1993: Initial public offering of URBN shares on NASDAQ 2019: Launch of the Nuuly brand, a subscription rental service; first Anthropologie franchise store opened in Israel 1998: First European Urban Outfitters store opened in London; Anthropologie website launched Source: United States Securities & Exchange Commission 1999: Urban Outfitters website launched
2002: First Free People store opened in the Garden State Plaza Mall in Paramus, New Jersey
2004: Free People website launched
2008: First Terrain garden center opened in Glen Mills, Pennsylvania
2009: First European Anthropologie store opened in London
2011: First Bhldn store opened in Houston, Texas
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
THE MARKET | SANTA BARBARA THE AMERICAN RIVIERA Symbolizing the ultimate in casual California lifestyle, Santa Barbara is undoubtedly one of America’s most desirable destinations to live and travel. “Best Beach Town” Sunset Magazine’s 2015 Inaugural Travel Awards 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 “The 12 Best Cities mild Mediterranean climate. for a Weekend Getaway” 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 U.S. News & World Report 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 “30 Best Small Cities attractions including the Santa Barbara Zoo, Santa Barbara Mission, Stearns Wharf and in America” Santa Barbara Museum of Natural History all add to the area’s appeal. And with nearly 220 Condé Nast Traveler’s Readers’ Choice Awards 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.
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM FOR SALE | PRIME SINGLE LEVEL RETAIL BUILDING 624 State St. | Santa Barbara, CA 93101
MARKET OVERVIEW
ECONOMY DEMOGRAPHICS As 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 2020 Est. Population 25,391 (1-mile radius) government. Education in particular is well-represented with five higher learning institutions including UCSB, Santa Barbara City College 88,614 (3-mile radius) and Westmont College. Santa Barbara has a vibrant, growing tech industry, expanding hotels with over 500 new rooms coming online in 112,423 (5-mile radius) the near future, and additional extensive development. Annual Tourism 7.2 million/yr. Visitor-Related Spending 1.9 billion/yr. Households 45,438 Rank Employer # Employees Rank Employer # Employees Age 15–19 6.5% 1 University of California, Santa Barbara 10,000 6 Santa Barbara City College 1,136 Age 20–24 11.0% Age 25–29 12.8% 2 County of Santa Barbara 4,600 7 Santa Barbara Unified School District 1,100 Age 30–34 8.8% 3 Santa Barbara Cottage Hospital 3,500 8 City of Santa Barbara 1,000 Age 35–39 7.4% 4 Sansum Clinic 2,000 9 Citrix Online 600 Age 40–44 5.9% 5 Raytheon 1,150 10 Bacara Resort & Spa 600 Age 45–49 5.1% Age 50–54 4.7% Age 55–59 5.2% Age 60–64 4.9% Age 65+ 14.2%
POPULATION | COUNTY OF SANTA BARBARA
Buellton 5,109 Solvang 5,876 Guadalupe 7,625 Carpinteria 13,547 Goleta 30,821 Lompoc 42,760 Santa Barbara 91,350 Santa Maria 107,408 Unincorporated 137,552 Total 442,048
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.
Austin Herlihy Chris Parker 805.879.9633 805.879.9642 [email protected] [email protected] CA LIC. 01518112 CA LIC. 01887788
3.9.21 205 E. CARRILLO ST. SUITE 100 | SANTA BARBARA CA 93101 | 805.965.5500 | RADIUSGROUP.COM