The recent $13 million sale of Coast Village Plaza marks the third-priciest commercial real estate transaction ever in the Montecito area. The 19,000-square-foot complex at 1187 Coast Village Road just changed hands from the Zdenek Family Trust — owners of the property since its construction in 1978 — to Montecitans Hank Hurst and Richard Rosin of H&R Investments.
The pair have submitted a slew of proposals to refurbish the facade of the plaza — home to businesses such as Giovanni’s, the UPS Store, Sequel Salon, DaniBoy, and Scoops Gelato — including changes to the color scheme, signange, lighting, patios, roofing, and landscaping. Broker Francois DeJohn, who worked on the deal, called the property “incredible” and cheered “having owners who live around the corner and are truly invested in the community.” Steve Hayes, the other broker involved, echoed that sentiment, saying that H&R Investments plan “reflects a pride of ownership that you just don’t see in a typical commercial investor.”
The two other most expensive commercial Montecito sales came within the last two years, with the sale of the Starbucks center at 1046 Coast Village Road in early 2014 and the sale of the Old Firehouse building at 1486 East Valley Road in 2013.