Recently the pub’s owner, Paul Dargan, ensured that his business will have a home for years to come. Making use of Small Business Administration (SBA) financing, Mr. Dargan purchased the 5,600 sq ft building at 18 E. Ortega St where the pub has been operating since 1997. Brokers Francois DeJohn, Steve Hayes and Kristopher Roth of Hayes Commercial Group, represented Mr. Dargan in the transaction.
For an establishment of its size, Dargan’s enjoys an excellent location in the heart of downtown, adjacent to one of the city’s busiest parking facilities. The ample square footage allows for a large main bar & restaurant with fireplace and plenty of seating for dining patrons, plus a large separate room provides for a second bar along with four pool tables. There is also patio seating along the pedestrian passage next to the building.
Pubs are something of a family tradition for Mr. Dargan, whose grandfather Lawrence built a pub and market in Ireland in 1902. Years later, Paul’s uncle Benny took over the business when Lawrence retired. Paul moved to California at the age of 21 and, following in his grandfather’s footsteps, later became the proud owner of a successful Irish pub in Santa Barbara.
“Conditions are better now than ever for businesses to buy commercial property,” DeJohn said. The Small Business Administration has made financing available at incredibly low interest rates. “It’s very feasible for a business to actually save on its monthly real estate expenses by buying a property, compared to leasing.”
DeJohn, Hayes and Roth helped 14 businesses on the South Coast become “owner-users” in 2012, and half of those utilized SBA loans to purchase commercial property.
Deal Type: Retail Sale
Address: 18 E. Ortega St, Santa Barbara
Building SF: 5,600 sf
Sale Price: $2,900,000
Buyer: Paul Dargan
Buyer Information: darganssb.com
Buyer Broker: Francois DeJohn, Steve Hayes, Kristopher Roth of Hayes Commercial Group
Seller Broker: Steve Brown, Austin Herlihy, Chris Parker of Radius Group