Retail
Whole Foods Santa Barbara

Whole Foods Santa Barbara 3761 State St.
Santa Barbara, CA 93110

  • $67,500,000

    Asking Price

  • $2,239,438

    NOI

  • 29,884

    Square Feet

  • 1.90

    Acres

  • Single

    Tenancy

  • 100%

    Occupancy

Offering Summary

Address

  • 3761 State St.
    Santa Barbara, CA 93110

Pricing

  • Asking Price$67,500,000
  • Price PSF$2,259
  • NOI$2,239,438

Details

  • Property TypeRetail
  • Listing StatusOn Market
  • Square Feet29,884
  • Occupancy100%
  • Year Renovated2022
  • Acres1.90
  • TenancySingle
  • Lease TypeNNN

Address

  • 3761 State St.
    CA 93110

Pricing

  • Asking Price$67,500,000
  • Price PSF$2,259
  • NOI$2,239,438

Details

  • Property TypeRetail
  • Listing StatusOn Market
  • Square Feet29,884
  • Occupancy100%
  • Year Renovated2022
  • Acres1.90
  • TenancySingle
  • Lease TypeNNN

Description

INVESTMENT SUMMARY

Santa Barbara Whole Foods is located in one of the most recognized and sought after coastal communities in California. The subject property is located along Upper State Street, the most accessible and traveled street in Santa Barbara. The property was acquired and redeveloped by Regency Centers specifically for Whole Foods who opened in 2009. Since opening, Whole Foods has undergone several remodels, and has experienced exceptional sales which are reported annually. Prior to opening, Whole Foods had been looking to locate in this sub-market for over a decade, but the scarcity of supply afforded them limited opportunities.
 
Sitting at 29,884 square feet on 1.9 acres of land, the property benefits from high traffic counts (30,800 VPD) and highly educated and affluent consumer base boasting average household incomes of over $119,745 in a 3-mile radius. This is the only Whole Foods in the region servicing the affluent communities of Santa Barbara, Montecito, Goleta, Santa Ynez, and Carpinteria. Whole Foods just recently extended their lease for a new 15-year term, retaining six (6), five (5) year options to extend with 10% rental increases at each option period.

INVESTMENT HIGHLIGHTS

  • Whole Foods scheduled to complete a full interior remodel in September 2022
  • Seller will carry up to $47,500,000 until 2/1/2026 at 3.3% interest only
  • Ultra rare single tenant Whole Foods
  • Iconic property located in the heart of one of the most affluent communities in the United States
  • “Best in class” operator in the most reliable and stable retail sector
  • High barriers to entry coastal market
  • Excellent operating history at this location with exceptional sales reported
  • Only Whole Foods in Santa Barbara County servicing the communities of Santa Barbara, Carpitinteria, Santa Ynez, Summerland, Hope Ranch and Goleta (over 237,000 residents)
  • Enhanced credit through Amazon ownership
  • Recently extended lease with almost thirteen (13) years remaining on the primary lease term
  • Reliable income stream and attractive contractual rent increases every five (5) years
  • Tremendous intrinsic real estate value
  • Substantial cost segregation bonus depreciation

Deal Team

Bill Bauman

Bill Bauman

Vice Chairman

213-298-3593 bill.bauman@nmrk.com

CA RE Lic. #00969493

Kyle Miller

Kyle Miller

Executive Managing Director

310-227-0826 kyle.miller@nmrk.com

CA RE Lic. #01716644