$2.8M Claims Single-Tenant Retail Asset

LOMPOC, CA-Santa Barbara investors have acquired a 31,608-sf building occupied by Ross Dress for Less at Mission Plaza for $2.8 million, according to Daum Commercial Real Estate Services.

Winfield Shiras in the Santa Barbara office of Daum reports that the William S. Everett Trust of Santa Barbara acquired the free-standing building, which is on a three-acre parcel at 1408 N. H St. Shiras represented the Everett Trust while Arroyos Coats of San Francisco represented the seller, Prec I Lompoc of Montecito.

The transaction illustrates that investors are eager to acquire shopping centers with big-name tenants, Shiras says. He notes that Ross has a 10-year lease at the site.

Shiras adds the investment typifies the growing appeal of Lompoc as an affordable locale for business, manufacturing and retail growth, with Ross joining other leading names like Albertsons, Starbucks, Big 5, Radio Shack, Hallmark, Pizza Hut, Mervyn’s and Taco Bell at the 219,000-sf Mission Plaza. The Mediterranean-style center at Central and H streets was opened in 1992 and is 100% occupied.