J.S. Rosenfield buys Coast Village

Montecito, Calif. An investment group led by Santa Monica, Calif.-based real estate company J.S. Rosenfield & Co. has purchased the 30-year ground lease from Pacific Capital Bank on the Coast Village Shopping Center in Montecito, Calif., with plans to convert the 45-year-old center into a country mart.

The 40,000-sq.-ft. center is anchored by a Von’s market and Santa Barbara Bank and Trust.

The property is currently at 50% occupancy. 

The investment group said it plans to spend $1 million to preserve and renovate the property. Planned improvements include replacing the existing roofing, new paint, appropriate landscaping and public eating areas. New architectural elements such as signage, lighting, awnings, canopies and benches will also be added.

Improvements are expected to be completed by year's end.