Closed Deal: US Bank Leases S.B. Location

U.S. Bank, the fifth largest commercial bank in the nation, has just leased 5,708 SF at 936 State Street for a new branch location. This is the largest retail lease in downtown Santa Barbara this year. Michael Martz and Kristopher Roth of Hayes Commercial Group represented the landlord in the transaction.
Here are links to coverage of the deal in the media:KEYT News pieceSanta Barbara News-PressNoozhawk.comPacific Coast Business TimesDaily Sound

Situated on the east corner of State and Carrillo Streets, the prominent building will be returning full circle to its historic roots as a home for financial institutions. The bank will consist of the storefront area previously occupied by Shooz, plus approximately 3,000 sf directly behind it which was used as offices by Santa Barbara County. The property first became a banking fixture back in 1877 when it was purchased by the Santa Barbara Savings and Loan Society. It changed hands several times thereafter until First Federal Saving and Loan bought the building in 1950. Then in 1965, the building was completely rebuilt for Mission Federal with the solid 14-inch thick walls that exist today. The Sobhani family has owned the property since 1994 and is pleased to see it return to banking use.

The U.S. Bank lease is the latest in a series of retail leases on the 900 block of State Street, which has seen 13 deals totaling more than 72,000 sf since the beginning of 2008. That is a remarkable level of activity for a block that has a total of 27 retail spaces. Michael Martz noted, “Since the beginning of the recession over two years ago, smaller retailers and even local ‘mom and pop’ stores have been able to lease space on the 900 block that would have been out of reach at the peak four or five years ago.” Kristopher Roth added, “Stores like Step N’Out and The Closet are right there in the mix with national names like Forever 21 and Apple. The blend of national, regional and local is what makes downtown State Street such a vibrant and unique retail corridor.”