The Macerich Company Sells La Cumbre Plaza Retail Asset In Santa Barbara For $11M
121 South Hope Avenue
$11,000,000
$33/SF
Building Size
325,000 SF
Asset Type
Retail
Closing
Feb 18, 2026
AI
The 325,000-sf retail asset located at 121 South Hope Avenue in the Santa Barbara market is under contract for a transaction amount of $11,000,000. The asset sits on a 31-acre site and falls under a ground lease that extends to 2077. The price per square foot is recorded at $34.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $11,000,000
- Address: 121 South Hope Avenue
- Market: Santa Barbara
- Square Footage: 325,000
- Acres: 31
- Seller: Jackson Hsieh - The Macerich Company
- Closing Expected: Q2 2026
The Macerich Company is conducting this transaction as part of a strategy to prune its portfolio, amidst broader dispositions and loan give-backs totaling $1.38 billion completed throughout 2024 and 2025. The La Cumbre Plaza is not included in Macerich's future portfolio plans.
Players
Santa Barbara Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93