Hanley Investment Group Arranges $3.7M Sale of Starbucks-Occupied Retail Property in Santa Barbara

SANTA BARBARA, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant retail property located at 402 N. Milpas St. in Santa Barbara. A Los Angeles-based developer sold the asset to a San Francisco-based 1031 exchange investor for $3.7 million. Sean Cox and Bill Asher of Hanley Investment Group represented the seller, while the buyer was self-represented. The 2,149-square-foot Starbucks Coffee location, which opened in April, features the company’s new café-only prototype design.