SANTA BARBARA,  Calif.—January 30, 2017—The Santa Barbara office of Lee & Associates, the largest broker-owned commercial real estate in North America, has negotiated a $7.2 million transaction for a  9,526-square-foot restaurant, including a 12,000-square-foot beachfront lot at 29 E. Cabrillo Street, Santa Barbara.

Stephen Leider of Lee & Associates Santa Barbara, along with Mark Mattingly of Pacifica Commercial Realty, represented the seller, The Phyllis Ormonde Trust.

“The buyer owns adjacent parcels to the property, and is planning a major renovation to the outdated restaurant building and will re-tenant with a new restaurant establishment,” said Leider.

The Property, which has no tenants, is in a prime beachfront location near popular tourist sites including Stearns Wharf, State Street and the up- and-coming Funk Zone area. 

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.