By Elijah Brumback. Pacific Coast Business Times. Montecitos Coast Village Road continues to be a hot spot for commercial real estate investment as the Coast Village Plaza recently traded hands for $13 million in off-market deal.
The property is home to Giovanni’s, UPS Store, Sequel Salon, DaniBoy, The Tennis Shop, Riviera Smiles, Norvell Bass Cleaners, Richie the Barber and Scoops Gelato, among others.
The 19,000-square-foot retail and office property at 1187 Coast Village Rd. in the heart of Montecito’s lower village will remain locally owned by Montecito residents. Hank Hurst and Richard Rosin of H&R Investments purchased the property from the Zdenek Family Trust which held the property since it was built in 1978. Francois DeJohn and Steve Hayes of Hayes Commercial Group represented both parties in the transaction.
“This is an incredible property,” DeJohn said in a release. “And having owners who live around the corner and are truly invested in the community is a real bonus for Montecito.”
H&R Investments has submitted plans to the city for exterior improvements including a new color scheme, signage, lighting, decking and patios, roof, landscaping and renovation of the parking lot. The deal comes as Olivers’s Market across the street and the old nursery site under development at 1255 Coast Village Rd. take shape.
According to Hayes, the sale marks the third highest priced commercial transaction on record in Montecito, after the sale of the Starbucks center at 1046 Coast Village Rd. earlier this year and the Old Firehouse building at 1486 East Valley Rd. in 2013.
Seven commercial sales in the last two years totaling $50 million have taken place in Montecito’s lower village. In comparison, DeJohn and Hayes brokered 31 commercial transactions on the South Coast valued at $162 million over the last 24 months.