Figueroa Investors Ltd., a California Limited Partnership, was formed by Kip and Sep in 2008 for the purchase of 201 E. Figueroa Street. Located directly across from the County of Santa Barbara Courthouse, the building was initially a single-story, 3,000 square foot law office. The partners promptly changed the address to 1100 Santa Barbara Street and began plans to complete a full redevelopment of this property. By working with local architects and planners they were able to double the size of the building, double the amount of on-site parking, and complete a remodel which was on budget and three months ahead of schedule. The building was 100% leased within nine months of completion. The project is the proud winner of the  2012 “Santa Barbara Beautiful” Award for new commercial buildings.

 

Originally purchased for $2.2M in 2008, the asset was sold in December 2012 for $5.1M--the highest $$/square foot office sale in Santa Barbara in recent years.