163
MONTECITO, CALIF. — Santa Monica, Calif.-based J.S. Rosenfield & Co. has purchased the 30-year ground lease from Pacific Capital Bank for the Coast Village Shopping Center in Montecito. The buyer plans to convert the 45-year center into a country market. The 40,000-square-foot is currently 50 percent leased by Von’s, Santa Barbara Bank & Trust, and a variety of restaurants and retailers. The company plans to spend approximately $1 million to preserve and renovate the property. Improvements include replacing the existing roofing, new paint, appropriate landscaping and public eating areas, and new architectural elements, including signage, lighting, awnings, canopies and benches. Completion is expected by year’s end.