By Lilly Riddle
A mixed-use property has hit the market in Santa Barbara. This two-building, two-story property — a 32,074-square-foot complex on a 1.13-acre lot — is located at 126 E. Haley St., in Santa Barbara’s Lagoon District. The asking price is $20 million, or $624 per square foot, according to marketing documents from Radius Commercial Real Estate. A $7 million assumable loan is available for potential buyers at 3.441 percent interest through Sept. 1, 2031 (a monthly interest of $25,030), which can be assumed twice.
The mixed-use building is called the Platform and was bought by a Beverly Hills-based developer in August 2021 for $13.9 million, or roughly $433 per square foot, according to public documents. It was built in 1977 but renovated from 2017 to 2018 and again from 2021 to 2023. The commission to the selling office is listed at 2.5 percent, according to market documents, and the net operating income was estimated to be $895,035. The cap rate was listed at 4.41 percent.
There are currently 12 tenants, including Angstrom Designs, Inc., and Renegade Wines. There are seven proforma vacancies, according to the market listing. Nearby retail spots include Starbucks, The Moxy Hotel and OfficeMax. The base monthly rent ranges from $2,025 to $11,471, and from $1.81 per square foot to $3.23 per square foot.
The building itself features glass roll-up doors and fiber optic connectivity, as well as common area restrooms on both floors and elevator access. It also has a 1.81 to 1,000 parking ratio, and renovated suites in Building A.
Located at the intersection of East Haley Street and Santa Barbara Street, the property is located close to The Funk Zone — a hub for arts, dining, wine and spirits, retail, business and hotels within Santa Barbara — as well as West Beach, which is home to the city’s New Years and 4th of July Fireworks shows.
Santa Barbara’s Lagoon District, also known as the Haley Street Corridor, has gained recognition in recent years for its thriving culinary scene. The neighborhood sports an array of award-winning wineries, breweries and eateries, including the historic Arnoldi’s Cafe and popular spots like Carr and Third Window Brewing. Beyond its culinary offerings, the Lagoon District remains true to its industrial roots, with local arts and trades workshops continuing to thrive.
Paul Gamberdella, Gene Deering and Justin Diem of Radius Commercial Real Estate, as well as Jason Jaeger from Jaeger Partners Commercial Rest Estate & Investments, are representing the seller in the marketing efforts for this property.
