SANTA BARBARA, Calif.—October 4, 2016—A retail property located at 36 E. Montecito Street in Santa Barbara, was purchased at a record-breaking $1,866.67 per square foot.

The Lee & Associates Santa Barbara team of Christi Vior, who represented the buyer, 34 East Montecito 2016, LLC, and Rob Adams and Steve Leider, representing the seller Avis Rent A Car, negotiated the sales/leaseback transaction of the 1,350-square-foot property.

“This transaction is marked by a record-setting price per-square-foot,” said Adams of Lee & Associates Santa Barbara. “The buyer, who owns property in the surrounding area, has long-term redevelopment plans for this property, which is centrally located within Santa Barbara’s hottest new district, The Funk Zone.”

The Funk Zone area offers a diversified tenant mix of wineries, art galleries, eclectic restaurant and bars, that continues to attract businesses eager to be in the area. The recently revitalized zone is home to popular restaurants including The Lark, Les Marchands Wine Bar and Merchant, Lama Dog,  Figueroa Mountain Brewery, Helena Bakery and a booming collection of wineries and tasting rooms. The site is also located near high-end home audio company headquarters, SONOS’, as well as the La Entrada Hotel project, a 114-room luxury hotel, nine fractional vacation units and 21,557 square feet of retail space, which is scheduled to open in summer 2017.