Bentley Richards Acquires Retail Property in Santa Barbara for $5.96 Million
Bentley Richards purchases 8,106 SF retail property in Santa Barbara from Katie Misch for $5.96 million.
Bentley Richards, a real estate investment firm, has acquired a retail property located at 225 S. Milpas St. in Santa Barbara from Katie Misch for 5,959,183. The property spans 8,106 square feet and was sold at a price per square foot of 735. The deal was brokered by Lior Regenstreif of Marcus & Millichap.
The property is located in the heart of Santa Barbara, a popular tourist destination known for its beaches, wineries, and Mediterranean-style architecture. The retail property is situated on a busy street with high foot traffic and is surrounded by a mix of residential and commercial properties.
The property was originally built in 1950 and has undergone several renovations over the years. It currently features a mix of retail and office tenants, including a popular local restaurant and a boutique clothing store.
Bentley Richards, founded in 2010, specializes in acquiring and managing commercial real estate properties across the United States. The firm has a portfolio of properties in various asset classes, including retail, office, and industrial.
Katie Misch, the seller of the property, is a local real estate investor who has owned the property for several years. The sale of the property represents a successful exit for Misch, who was able to realize a significant return on her investment.
Lior Regenstreif, the broker who represented both the buyer and the seller in the transaction, has over 20 years of experience in commercial real estate. He specializes in the sale of retail properties and has a deep understanding of the Santa Barbara market.
The acquisition of the retail property by Bentley Richards is a testament to the strength of the Santa Barbara commercial real estate market. Despite the challenges posed by the COVID-19 pandemic, the market has remained resilient, with strong demand for retail properties in particular. The acquisition also highlights the continued interest of investors in well-located properties with stable cash flows and strong potential for long-term appreciation.