Dargan’s Pub & Restaurant has been a beloved fixture of downtown Santa Barbara for more than 15 years. 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 financing, Dargan purchased the 5,600-square-foot building at 18 E. Ortega St., where the pub has been operating since 1997. The sale price was $2.9 million.
Brokers Francois DeJohn, Steve Hayes and Kristopher Roth of Hayes Commercial Group represented 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 and restaurant with a 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 Dargan, whose grandfather Lawrence built a pub and market in Ireland in 1902. Years later, Dargan’s uncle Benny took over the business when Lawrence retired.
Dargan moved to California at age 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, adding that 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.
— Ted Hoagland is the marketing manager for Hayes Commercial Group.