2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

STATE ST | SANTA BARBARA CA 93101FOR SALE | NET LEASED INVESTMENT

±10,214 SF Prime Retail Space adjacent to City Parking Lot 10 in the heart of Downtown Santa Barbara Offered at $9,950,000 624

TENANT URBAN OUTFITTERS SIGNED 5-YEAR LEASE RENEWAL DURING COVID-19 PANDEMIC

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

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Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

Prime, single-level retail building custom designed and built for Urban

Outfitters in 1999 and has remained the only tenant since the building’s

completion. The ±10,214 SF structure is situated in a high foot traffic

section of downtown Santa Barbara adjacent to bars, dining, boutiques,

parking garages and entertainment venues. Sweeping, open floorplan

filled with natural light thanks to six skylights and large State Street

facing windows. Cement flooring and industrial-style lighting makes

this a modern and highly valuable asset for investors seeking Class A

properties in downtown Santa Barbara.

P R O P E R T Y O V E R V I E W

Offering Specifics

Price $9,950,000

Building Size ±10,214 SF

Price/SF $974/SF

Cap Rate 4.5%

NOI $451,478

Tenant Urban Outfitters (Nasdaq: URBN, $3 billion market capitalization) | 20+ year operations history at this property

Parking 553 parking spaces in the public lot behind property

APN 037-132-030

Year Built 1999

Zoning M-C (Manufacturing Commercial)

CITY PARKING LOT 10

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

2020 DEMOGRAPHICS 1 MILE 5 MILE 10 MILE

Average HHI: $90,128 $130,290 $137,670

Population: 25,391 88,614 112,423

Daytime Population: 35,867 54,781 70,095

2020 Estimates from SitesUSA

TRAFFIC COUNTS

101 Freeway at Carrillo/Bath Strets 98,402 ADT

State Street at W. Carrillo St. 23,328 ADT

State Street at E. Haley St. 6,960 ADT

Traffic Counts from SitesUSA

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

Share of Operating

CostsRent

Adjustment Term (Start–End) OptionsAddress Tenant Size (SF) Monthly Rent

624 State St. Urban Outfitters

10,214 SF $37,623.17 100% Fixed May 16, 2020–May 15, 2025 None

TOTALS 10,214 SF $37,623.17 100%

Rent AdjustmentsAddress Tenant Size (SF) Year 1

624 State St. Urban Outfitters 10,214 SF $451,478 Fixed

ANNUAL NET OPERATING INCOME: $451,478

CAP RATE: 4.5%

PURCHASE PRICE: $9,950,000

PRICE PER SQUARE FOOT: $974

I N C O M E A N A LY S I S & L E A S E S Y N O P S I S

Income Analysis

Lease Synopsis

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

STATE STREET

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

PASEO NUEVO MALL

SANTA BARBARA HARBOR

SANTA BARBARA CITY COLLEGE

THE FUNKZONE

ST

AT

E S

T.

CHAPALA ST.

1 Apple

2 Bank of The West

3 FedEX Office Print & Ship Center

4 Old Navy

5 Marshalls

6 Satellite SB

7 Rite Aid

8 Montecito Bank & Trust

9 Bank of America Financial Center

10 Holiday Inn Express

11 Institution Ale

12 Kimpton Canary Hotel

13 Dune Coffee Roasters

14 Gold’s Gym

15 Grassini Family Vineyards

16 Levi’s Store

17 CVS Pharmacy

18 Volcom

19 Cost Plus World Market

20 Santa Barbara Craft Ramen

1

2

5

14

15

2016

13

12

1110

5

19

17

18

8

9

6

3

4

624 STATE STREET

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

HWY 101

GARDEN ST

HWY 101

Stearns Wharf

Santa Barbara Harbor

Santa BarbaraTrain Station

West Beach

STATE ST

Paseo Nuevo Mall

The Funk Zone

CABRILLO BLVD

L O C AT I O N | D O W N T O W N S A N TA B A R B A R A & T H E F U N K Z O N E

HWY 101

GARDEN ST

HWY 101

Santa Barbara City College

STATE ST

STATE ST

Paseo Nuevo Mall

The Funk Zone

CABRILLO BLVD624

STATE ST.

Downtown Santa Barbara

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

STATE ST

YAN

ON

ALI S

T

Santa Barbara Harbor

StearnsWharfWest

Beach

DowntownSanta

Barbara

HW

Y 101

CABRIL

LO B

LVD

N E A R B Y C O M M E R C E & A M E N I T I E S

1 The Hotel Californian

2 Brass Bear Brewing & Bistro

3 Yoga Soup

4 Santa Barbara Roasting Company

5 Greyhound & Amtrak Stations

6 Hotel Indigo Santa Barbara

7 D'Angelo Pastry & Bread

8 Mountain Air Sports

9 Metropulos Fine Foods Merchant

10 REI

11 Tyger Tyger

12 Figueroa Mountain Brewery

13 The Lark Restaurant

14 Topa Topa Brewing Co.

15 MOXI: The Wolf Museum of Exploration + Innovation

16 The Wayfarer Hotel

17 Casa Blanca Restaurant & Cantina

18 Channel Islands Surfboards

19 Santa Barbara FisHouse

20 Loquita Santa Barbara

21 Seven Bar & Kitchen

22 Sevilla Luxury Condo Complex

19

22

1417

9

5

21

13

3

11

7

15

2 18

10

6

4

20

12

8

16

MASO

N S

T

624 STATE ST.

1

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

ST

AT

E S

TR

EE

T

F L O O R P L A N624 State St. | ±10,214 SF

$974/SF

Restrooms

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

T H E T E N A N T | U R B A N O U T F I T T E R S

We are a leading lifestyle products and services company that operates a portfolio of global

consumer brands comprised of the Anthropologie, Bhldn, Free People, Terrain, Urban

Outfitters and Nuuly brands and our Menus & Venues (formerly known as “Food and

Beverage”) division. We have achieved compounded annual sales growth of approximately 4% over the past five

years, with sales of approximately $4.0 billion during the fiscal year ended January 31, 2020. URBN is traded on the

NASDAQ and currently has 248 locations.

We operate under three reportable segments – Retail, Wholesale and Subscription. Our Retail segment consists of

our Anthropologie, Bhldn, Free People, Terrain and Urban Outfitters brands and our Menus & Venues division.

We have over 49 years of experience creating and managing retail stores that offer highly differentiated collections

of fashion apparel, accessories and home goods, among other things, in inviting and dynamic store settings. Our

core strategy is to provide unified environments that establish emotional bonds with the customer, primarily

through Company-owned stores but also through franchised or third-party operated stores. In addition to retail

stores, we offer our products and services directly to our customers through our websites, mobile applications,

catalogs, customer contact centers and digital businesses. The Menus & Venues division includes various casual

dining concepts.

We operate a Wholesale segment under the Free People, Anthropologie and Urban Outfitters brands. The

Wholesale segment sells through department and specialty stores worldwide, digital businesses and our Retail

segment. The Wholesale segment primarily designs, develops and markets apparel, intimates, activewear and

home goods.

Our Subscription segment consists of the Nuuly brand, which is a monthly women’s apparel subscription rental

service that launched on July 30, 2019.

Urban Outfitters is a lifestyle retailer dedicated to inspiring custom-ers through a unique combination of product, creativity and cultural understanding. Founded in 1970 in a small space across the street from the University of Pennsylvania, Urban Outfitters now operates over 200 stores in the United States, Canada and Europe, offering experiential retail environments and well-curated mix of on-trend women’s and men’s closthes, from boho dresses, denim and graph-ics to shoes, hats, and backpacks, as well as beauty, intimates, swim and a collection of handpicked vintage clothing.

urbanoutfitters.com

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

T H E T E N A N T, C O N T. | U R B A N O U T F I T T E R S

Milestones in the Company’s growth are as follows:

1970: First Urban Outfitters store opened near the University of Pennsylvania campus in Philadelphia, Pennsylvania

1976: Incorporated in the Commonwealth of Pennsylvania

1984: Free People Wholesale division established

1992: First Anthropologie store opened in Wayne, Pennsylvania

1993: Initial public offering of URBN shares on NASDAQ

1998: First European Urban Outfitters store opened in London; Anthropologie website launched

1999: Urban Outfitters website launched

2002: First Free People store opened in the Garden State Plaza Mall in Paramus, New Jersey

2004: Free People website launched

2008: First Terrain garden center opened in Glen Mills, Pennsylvania

2009: First European Anthropologie store opened in London

2011: First Bhldn store opened in Houston, Texas

2016: Acquired Vetri Family restaurants in Philadelphia, Pennsylvania

2017: Anthropologie Wholesale division established

2018: Urban Outfitters Wholesale division established; first Urban

Outfitters and Free People franchise stores opened in Israel; first

European Free People store opened in Amsterdam

2019: Launch of the Nuuly brand, a subscription rental service; first

Anthropologie franchise store opened in Israel

Source: United States Securities & Exchange Commission

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

Symbolizing the ultimate in casual California lifestyle, Santa Barbara is undoubtedly one of America’s most desirable destinations to live and travel.

Located on a pristine coastline approximately 337 miles south of San Francisco and 93 miles north of Los Angeles, Santa Barbara is nestled between the Pacific Ocean and the Santa Ynez Mountains. This stretch of coast is known as the “American Riviera” because of its mild Mediterranean climate.

With a population of approximately 92,101, Santa Barbara is both small and vibrant. Locals and visitors are drawn to the city’s charming downtown and picturesque State Street with its rich Spanish architecture and historical sites, wide variety of shops and galleries, numerous Zagat-rated restaurants and thriving open-air shopping centers like the famed Paseo Nuevo Mall. Pristine, sunny beaches, an exapansive harbor and countless outdoor attractions including the Santa Barbara Zoo, Santa Barbara Mission, Stearns Wharf and Santa Barbara Museum of Natural History all add to the area’s appeal. And with nearly 220 vineyards within a short drive, Santa Barbara County is a renowned wine region offering an array of some of the finest labels in the world.

THE AMERICAN RIVIERA

“Best Beach Town”Sunset Magazine’s 2015 Inaugural Travel Awards

“The 12 Best Cities for a Weekend Getaway”

U.S. News & World Report

“30 Best Small Cities in America”

Condé Nast Traveler’s Readers’ Choice Awards

T H E M A R K E T | S A N T A B A R B A R A

F O R S A L E | P R I M E S I N G L E L E V E L R E T A I L B U I L D I N G6 2 4 S t a t e S t . | S a n t a B a r b a r a , C A 9 3 1 0 1

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C A R R I L L O S T . S U I T E 1 0 0 | S A N T A B A R B A R A C A 9 3 1 0 1 | 8 0 5 . 9 6 5 . 5 5 0 0 | R A D I U S G R O U P . C O M3 . 9 . 2 1

Aus tin H e rlihy805.879.9633aherlihy@radiusgroup.comCA LIC. 01518112

Ch ris Pa rke r805.879.9642cparker@radiusgroup.comCA LIC. 01887788

ECONOMYAs a major travel destination, Santa Barbara’s tourism and hospitality industry are vital components of the local economy, which also includes a very large service sector (nearly 35%), education, technology, health care, finance, agriculture, manufacturing, and local government. Education in particular is well-represented with five higher learning institutions including UCSB, Santa Barbara City College and Westmont College. Santa Barbara has a vibrant, growing tech industry, expanding hotels with over 500 new rooms coming online in the near future, and additional extensive development.

Rank Employer # Employees

1 University of California, Santa Barbara 10,000

2 County of Santa Barbara 4,600

3 Santa Barbara Cottage Hospital 3,500

4 Sansum Clinic 2,000

5 Raytheon 1,150

Rank Employer # Employees

6 Santa Barbara City College 1,136

7 Santa Barbara Unified School District 1,100

8 City of Santa Barbara 1,000

9 Citrix Online 600

10 Bacara Resort & Spa 600

D EM O G R A PHI C S

2020 Est. Population 25,391 (1-mile radius) 88,614 (3-mile radius) 112,423 (5-mile radius)Annual Tourism 7.2 million/yr. Visitor-Related Spending 1.9 billion/yr.Households 45,438Age 15–19 6.5%Age 20–24 11.0%Age 25–29 12.8%Age 30–34 8.8%Age 35–39 7.4%Age 40–44 5.9%Age 45–49 5.1%Age 50–54 4.7%Age 55–59 5.2%Age 60–64 4.9%Age 65+ 14.2%

P O P U L AT I O N | CO U N T Y O F S A N TA B A R B A R A

Buellton 5,109Solvang 5,876Guadalupe 7,625Carpinteria 13,547Goleta 30,821Lompoc 42,760Santa Barbara 91,350Santa Maria 107,408Unincorporated 137,552Total 442,048

M A R K E T O V E R V I E W