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November 28, 2023
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MAG Capital Partners Buys 62k sf Retail Property in Santa Barbara County


MAG Capital Partners LLC has acquired a 62.5k sf retail property in the SoCal city of Lompoc. The property is located at 1600 North H St, within Santa Barbara County. The price was not disclosed.

Originally built in 1992, the single-story retail property was formerly a Mervyn's department store. The Class A end cap is situated on approximately 5.3 acres within Mission Plaza, a high-traffic retail center with 26 co-tenants, including retailers Chase, Albertsons, Big 5, Ross, Starbucks and GNC. It offers 280 feet of frontage and 319 parking spaces, with 500+ available in other parcels. The center is adjacent to the State Route 1 highway and two main thoroughfares, North H Street and East Central Avenue.

Led by principals Dax T.S. Mitchell and Andrew Gi, MAG Capital Partners plans to reposition the vacant property with a regional or national retailer. MAG is based out of Fort Worth, TX.

“Lompoc is an expanding coastal market with strong demand exceeding supply in terms of housing, industry and retail,” said Mitchell, noting that the most recent census showed a 6.7% population spurt since 2000 as more residents relocate to North County cities for their more reasonable cost of highly sought after coastal living.

Earlier this year, the City of Lompoc announced it was working with Santa Barbara County’s Local Agency Formation Commission (LAFCO) to annex new land and expand the city’s boundaries for the first time since 1999.

Land has already been annexed for a 44-unit Summit View Homes Development just north of the city and the Towbes Group has plans for a second development there that will create approximately 450 new homes. A 156-room Hilton Garden Inn is the newest among over a dozen hotel offerings, including the Chumash Casino Resort, that cater to tourists and visitors to the historic town well known for its vineyards, hiking trails and rugged beaches.

The center is located across from the regional Lompoc City Airport and is 10 minutes from Vandenberg Air Force Base, one of the area’s largest employers and site of Elon Musk’s SpaceX Space Launch Complex, which draws thousands to public parking-and-viewing areas for each rocket launch. The National Security Space Launch program is expected to ramp up activity at the complex in coming years and private launch companies, such as Firefly Aerospace, which is also located at the base.

MAG Capital Partners was represented by Mary Garnett of Barnes & Thornburg LLP's Los Angeles office. The seller was repped by Martin Zadorian of Zadorian Group. MAG Capital Partners has retained Donna Clark and Matt Adamczyk of Kennedy Wilson Properties as leasing agents for the site.

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