Triple Net-Lease Assets Fetch $32M

LOS ANGELES—Two triple net-lease assets have traded hands in Southern California for a total of $32 million. Two separate buyers purchased the properties, located in Santa Barbara, CA, and Pasadena, CA. Studley’s National Retail Services Group represented the sellers in each of the transactions. 

Completing a 1031 exchange, USA San Diego LLC, a local private investor, purchased a 47,000-square-foot office building from Mason SB LLC. “Our client was able to realize tremendous upside in just two short years of ownership as the Funk Zone continues to gentrify and the demand for creative-style offices grows,” says Kyle Miller, a Studley broker who represented the seller along with his colleagues Bill Bauman and Marc Navarro. The property currently houses the headquarters of Sonos, a music equipment manufacturer. The property is located in Santa Barbara’s Funk Zone, one of the prime locations of the submarket with a thriving retail sector. In an earlier story, GlobeSt.com reported three retail properties fetching $20 million in the same neighborhood.