Carrillo Plaza Sells for $12.2 Million

Carrillo Plaza, the downtown shopping center on the corner of Carrillo and De La Vina streets, was sold for $12.2 million to New Group-Santa Barbara, LLC, a private Los Angeles real estate company. The 18,743 square foot retail center holds a Starbucks, Tino’s Italian Grocery — which recently relocated from its De La Guerra Street space — and a new Modern Laundry location, among other businesses. Santa Barbara-based owner Carrillo Holdings, LLC, had renovated much of the property over the last four years.

Savills Studley represented Carrillo Holdings in the sale. “The timing was right to take advantage of a dynamic marketplace and leverage the successful repositioning of the property,” said Savills managing director Kyle Miller in a prepared statement. “The seller invested the capital needed to enhance the appeal of the center, attract tenants, and ultimately realize a rewarding sales price.”

This was the sixth Savills Studley-brokered deal in Santa Barbara in the last 18 months, including the Union Bank in Montecito ($16 million), the new SONOS building in the Funk Zone ($19 million), and the Anacapa Project, also in the Funk Zone ($12 million).