614 Chapala Street, Santa Barbara
After redeveloping 1100 Santa Barbara Street and selling the property at an opportune time in 2012, Figueroa Investors, Ltd. purchased 608-614 Chapala Street in May of 2013. This one-acre property is located near the heart of the downtown core, one-half block from Paseo Nuevo, the largest retail mall in downtown Santa Barbara. At the time of acquisition, there were 22,000 square feet of improvements leased by a regional camera and electronics retailer. Through diligent asset management, Kip and Sep entitled 6,000 square feet of additional improvements for the building, changed the use to be high-end executive office, and signed a new long-term lease with Sonos, Inc. During 2014, Daketta Pacific assisted in managing a major renovation and addition to the property with construction costs totaling approximately $4M. The property is now the world office headquarters for Sonos.