Local Investor Buys Grand Tower at Granada Building – Noozhawk

Posted on March 27, 2017 | 10:03 a.m.

The industrial parts of the Granada Tower, 1216 State St., Santa Barbara’s most seen landmark and web site of the historic Granada Theatre, had been purchased lately by a neighborhood investor.

The 15,416-square-foot constructing, which incorporates 4 flooring of workplace house together with roof-degree storage and mobile pads, was priced at $10,500,000.

The property was owned by a neighborhood investor who tasked Greg Bartholomew and Michael Martz of Hayes Industrial Group with advertising the industrial elements of the edifice in 2016.

In a separate transaction, the two,460-square-foot floor-ground restaurant house occupied by the Good Lion was offered to the operators of that enterprise in August 2016.

The remaining industrial house was simply bought by a neighborhood investor, additionally represented by Bartholomew. The sale included the third by way of sixth flooring of workplaces, the ninth-ground storage space throughout the roof construction, and the industrial portion of the rooftop.
Anchoring the humanities and leisure district of downtown Santa Barbara, the Granada is an iconic, eight-story landmark relationship again to 1924.

The constructing underwent a whole renovation and seismic retrofit that was accomplished in 2010. After that, the construction was divided into condominiums, permitting for parts of the tower to be offered individually.

“It’s not typically you get the chance to market a bit of Santa Barbara historical past,” Bartholomew mentioned. “This constructing’s stature and longevity make it distinctive, and due to the current renovation it’s additionally one of many highest high quality workplace belongings in our market.”

The workplace flooring of the 116-foot construction supply spectacular views of town, ocean and mountains. Monetary advisory companies dominate the present tenant checklist, together with Raymond James & Associates, Partnervest Advisory Service, and Peritus Asset Administration.

“This was an thrilling and difficult undertaking,” Martz mentioned. “The Granada’s prominence attracted quite a lot of curiosity, however the providing was for a part of the constructing and concerned a condominium map. So we had our work minimize out for us, educating potential patrons and managing the various particulars of the transaction.”
Following is a few historical past of The Granada Tower:
Within the early 1920s, Edward A. Johnson, president of California Theater Firm, purchased loads on State Road for $800.

On the time, the lot was coated with billboards and dilapidated wooden buildings, above the principle downtown space. Johnson deliberate to construct a $500,000 construction that may be eight flooring excessive and embrace a grand movement image theater.

The proposed Granada Tower was decried as a skyscraper by activists and was largely rejected by the neighborhood. Metropolis officers, nevertheless, welcomed the theater and anticipated it might entice different companies and patrons to the realm.

In truth, a number of eating places opened on neighboring blocks through the theater’s building.

Designed by A.B. Rosenthal and constructed by C.M. Urton, building on the Granada was accomplished April 9, 1924.

A 12 months after the undertaking plans had been introduced, an ordinance was integrated into the Metropolis Constitution that prohibited new buildings increased than 60 ft, leaving the Granada Tower because the tallest edifice in Santa Barbara.
Within the early 2000s, an investor bought the Granada and separated the tower and theater into two properties. The tower was then divided by ground with a condominium map, and the seventh and eighth flooring had been offered as residential models.

Beginning within the early 2000s, the whole constructing was renovated. It was virtually stripped all the way down to the naked construction and rebuilt with all new interiors, techniques, roof and retrofitting. The ultimate product is a like-new, trendy constructing with a basic facade.

Throughout the renovation, the flooring had been divided and zoned as condominiums for particular person possession.

The town of Santa Barbara required the house owners to carry the 1924 constructing into compliance with present seismic security codes as a part of the renovation.

Main building included a concrete slab basis, concrete sub-flooring, poured concrete construction, a stucco and stone veneer to the outside, and a flat/mansard roof with a fake tile overlaying.

The roof construction was rebuilt with new a number of mobile and different communication pads beneath a radio frequency clear roof, a brand new roof deck, and an gear nicely.
Heating and air-con was added with 16 HVAC models to service the constructing. The elevator techniques had been rebuilt and modernized in 2004.

The Granada Theater, which has been a trademark of the performing arts in Santa Barbara since 1924, was renovated and reopened in March 2008, as soon as main building was full on the tower.

The restoration included buying 13,000 sq. ft of house for the ability, restoring unique decorations and look, in addition to bettering backstage areas, the orchestra pit, and the sound techniques/acoustics.

— Ted Hoagland for Hayes Industrial Group.

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Local Investor Buys Grand Tower at Granada Building - Noozhawk