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9/22/20
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Jinushi USA Inc bought a 62.5k sf retail property in the SoCal city of Lompoc. Jinushi is a real estate investment trust listed on the Tokyo Stock Exchange as Nippon Commercial Development Co Ltd.
The property, located at 1600 North H St, within Santa Barbara County, is a single-story structure that was built to suit in 1992 for Mervyn's department store. It was sold by Fort Worth, TX-based MAG Capital Partners LLC.
The separately-parceled end cap is situated on approximately 5.3 acres within Mission Plaza, a high-traffic shopping center with 26 co-tenants, including retailers Starbucks, Chase, Albertsons, Big 5, Ross and GNC. Adjacent to the Lompoc Airport and the Division of Motor Vehicles, the property is proximate to the central business district and State Route 1, and situated at the intersection of two main thoroughfares, North H Street and East Central Avenue, with a daily vehicular traffic count of approximately 45,000 cars.
Judd Dunning of DWG Capital Group represented MAG Capital Partners in the sale. Jinushi USA was repped by Jeff Wiggins of Coldwell Banker Commercial NRT. The sale price was not disclosed.
Led by principals Dax T.S. Mitchell and Andrew Gi, MAG Capital Partners acquired 1600 North H Street in December 2019, which it then short-term leased to Walmart prior to selling to Jinushi USA.
According to its website, Jinushi USA Inc has plans to increase its investment portfolio to $2.8 bil in assets under management over the medium term. Currently, 80% of the company’s tenants are engaged in “integral businesses,” such as supermarkets, drug stores, home improvement and consumer electronics.
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