State Street retail transaction sets high mark for 2013

Santa Barbara, CA – The building that is home to Blush restaurant, a prominent downtown eatery and bar, traded hands on the final day of 2013, setting the high mark for sales price per square foot for State Street retail property sales for the year.

“This beautiful property led to a unique transaction due to the complexity of the easement and lease,” said Paul Bradford of Hayes Commercial Group. Bradford represented the seller, along with Bob Ruccione of Coast & Valley Properties. “The patio, under a separate lease and not part of the real estate transaction, adds tremendously to the ambiance and success that Blush has experienced over the years,” added Bradford.

The owner of Blush restaurant, who has leased the property for many years and invested heavily in interior improvements, ultimately purchased the property at 630 State St. Bradford continued, “it obviously made sense to Blush to capitalize on today’s low interest rate environment to buy the property and control its own destiny as a restaurant and business.”

With escrow closing on December 31st, 2013, this transaction sold for approximately $722 per square foot – exceeding the prior 2013 State Street retail mark by more than 5 percent. “This transaction was a win-win for my clients as well as a well-established and successful local restaurant, and it was a pleasure to help make this deal happen,” Bradford said.

Bradford, a graduate of Westmont College and a Pepperdine MBA, is a broker associate with Hayes Commercial Group. 630 State Street was his third property sale of 2013.