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State Street gets new lease on retail life

By   /   Friday, March 5th, 2010  /   Comments Off on State Street gets new lease on retail life

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After sitting vacant for months, the former Anchor Blue space at 820 State St. in downtown Santa Barbara has been leased to apparel retailer G by Guess.

The 5,832-square-foot space became available after Anchor Blue filed for Chapter 11 bankruptcy in mid-2009 and closed many of its stores. The apparel retailer’s State Street lease, first signed in 2003, was slated to run to 2011, but that was before the economy crashed.

The dollar figure behind the deal wasn’t disclosed. Though it could not be independently verified at press time, the commercial real estate firm that negotiated the deal said it was the largest retail lease in downtown Santa Barbara signed since December 2008.

The lease comes as a sign of life when State Street in Santa Barbara is checkered with “for lease” signs. G by Guess bills itself as “fashion for the next generation,” according to its Web site.

“Even in today’s soft retail market, high-quality buildings in prominent locations in downtown Santa Barbara continue to attract attention from quality tenants,” Paul Gamberdella, an agent who worked on the lease, said in a release. “Hopefully this deal will signal a resurgence of the retail sector in the downtown corridor.”

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