LOS ANGELES—The landmark retail property located at 1486 East Valley Rd. in Santa Barbara, Calif. has been sold for $16 million. The seller was 1486 East Valley Road LLC, while the buyer was an international fund, US 3N LLC.

“Both parties viewed this transaction as an opportunity to realize value. The seller leveraged the lack of quality product in the market and the compression in cap rates to achieve a premium price, and the buyer recognized the advantage of investing in a truly irreplaceable asset, particularly one with a committed long-term tenant,” said Kyle Miller, corporate managing director in Studley’s National Retail Services Group, in a statement.

The 6,357-sq.-ft. building was built in 1931 as the areas first firehouse. It is currently fully occupied, via a 20-year lease, by Union Bank, through the company’s acquisition of Santa Barbara Bank & Trust.

Both the buyer and seller were represented by Studley’s Miller, along with colleagues Bill Bauman, executive vice president, and Marc Navarro.