Four floors of the tallest building in Santa Barbara have been sold to a local investor.
Floors 3 through 6 of the 116-foot Granada Theatre tower serve as commercial space, and were priced at $10.5 million before being negotiated to a lower amount, said Hayes Commercial Group partner Greg Bartholomew, who handled the listing with fellow partner Michael Martz.
While the incoming and outgoing owners’ names were not disclosed, Bartholomew said the new owner wanted to own a historic piece of the city.
Floors 3 through 6 were sold along with roof-level storage and part of the rooftop, totaling over 15,000 square feet, according to Hayes.
Hayes is currently looking to fill the 6th floor, which until recently was home to a law firm. The 93-year-old building’s 7th and 8th floors are two separate condominiums owned by their respective residents.
The $10.5 million price is more than 13,000 times what the lot’s original owner paid for the location before building the tower. Locals in the 1920s balked at what they said would be a skyscraper, which lead to the 60-foot cap on the height of Santa Barbara buildings.
In the early 2000s, another local investor bought the tower at 1216 State St. and separated it and the theater into two properties.