U.S. Bank leases prime spot on State Street

By DAILY SOUND STAFF — July 27, 2010

A 5,708-square-foot chunk of vacant State Street real estate will soon be filled with a branch of U.S. Bank, the real estate firm that helped negotiate the lease announced.

U.S. Bank, the fifth largest commercial bank in the nation, will also occupy a 3,000-square-foot facility toward the rear of the State Street property.

Shooz, a retailer, most recently occupied the space, located at 936 State Street, at the east corner of Carrillo Street.

The property has a long history of playing home to banks. In 1877, the Santa Barbara Savings and Loan Society owned the building, according to a news release announcing the lease.

After changing hands several times, First Federal Saving and Loan bought the building in 1950. In 1965 the building was rebuilt for Mission Federal, with fortifications that included 14-inch thick walls that stand to this day.

The Sobhani family has owned the property since 1994.

The lease is the latest in a string of high-profile exchanges in the 900 block of State Street, which includes recent additions like retail kingpins Apple and Forever 21.

Since early 2008, the block has seen 13 real estate deals resulting in more than 72,000 square feet, the news release stated.

“Since the beginning of the recession over two years ago, smaller retailers and even local ‘mom and pop’ stores have been able to lease space on the 900 block that would have been out of reach at the peak four or five years ago,” said Kristopher Roth, a broker for the firm Hayes Commercial Group, which negotiated the deal.

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US Bank Nearsited Investment Decision : 7/27/2010

It would sure be nice to think US Bank OWNED the property - earning equity on behalf of it's member's interests, rather than just paying RENT, while earning NO equity - or accruing ANY insurance - and based on current overassessment of property values, at that. Pretty ditsy.
Lots of bail outs at the expense of the taxpayer to fund this kind of forsight.

US Bank Customer

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Speaking of Banks.. : 7/27/2010

JP Morgan is said to own Paseo Nuevo downtown - yet they can't even keep the structure painted in it's increasingly delapidated condition.

Where'd the money go?

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The Things People Will Do For Money : 7/27/2010

I'n pretty sure if I got 10 cents off my grocery bill for bringing my own bag, i would remember. How about you?

hmsmd

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: 7/27/2010

what the hell does a grocery bag have to do with real estate? keep your agenda to yourself.

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What money? : 7/27/2010

I think the "things people do for money" is just real giddy from an other article on the Daily Sound cuz he's incoherent and needs to prove it.

Observer

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