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SANTA BARBARA, CA—A private investor operating under the name Hollywood Western LLC has purchased a 46,813-square-foot retail property on State Street in Santa Barbara from State Street Properties LLC, GlobeSt.com reports exclusively. An Off Saks 5th Avenue currently occupies the property, but has a lease that rolls in three years. Because the property is located in the high-barrier-to-entry State Street area, the investor took the risk, paying $15.5 million at a 5% cap rate.

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