LOCATION: 1060 Casitas Pass Road, Carpinteria & 1835 Cliff Drive, Santa Barbara, CA
SIZE: Carpinteria store is 15,000 sf; Cliff Drive store
PROJECT TEAM:
Clarice Cornell
ASSIGNMENT:
a. Shoreline Plaza, Santa Barbara: Shoreline Plaza Corporation hired Cornell and Leider to secure a national tenant to upgrade the tenant mix in this neighborhood center.
b. Casitas Plaza, Carpinteria: Hollman Property Company hired Cornell and Leider to secure a tenant to infill a difficult 15,000 sf space in a neighborhood Albertson's anchored center.
RESULTS:
The team marketed the property through local and regional channels and utilized tenant relationships to secure a 20-year lease with Longs Drugs as a new credit tenant to anchor the center. The complex transaction included negotiating the buyout of an existing Burger King to provide additional space for Longs Drugs. In Carpinteria, agents negotiated a very unique and complex 25-year lease with Long Drugs that included a five-year holding period where tenant could not begin business operations until the competing drug store vacates the center in 2008.
ADDITIONAL ASSIGNMENTS:
Cornell and Leider have represented Hollman Property Company in ongoing leasing of his shopping centers in Carpinteria, Montecito, and Goleta.
