“Colonial Square in Bakersfield, CA. Selling above list price”
BAKERSFIELD, Calif. – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in the sale of commercial properties, today announced that the firm has arranged the sale of Colonial Square, a 41 238 square feet in Bakersfield, CA. The selling price was $10.1 million.
Hanley Investment Group executive vice presidents Bill Asher and Jeff Lefko represented the seller, LS Capital, Inc., a real estate asset management investment firm based in Los Angeles, Calif. The buyer was a Los Angeles-based private investor and was represented by Paul E. Stansen, APC in Calabasas, California.
“We generated eight qualified bids in the property’s first week on the market and created a competitive bidding environment to get the maximum market price,” Asher said. “We recruited a private investor in a 1031 exchange who secured funding and closed the escrow in 45 days at $165,000 above the asking price.”
Asher added, “Colonial Square’s internet-resistant tenant mix, signposted corner location and attractive yield of a multi-tenant mall appealed to investors. In addition, 100% of the occupied space is leased to service or day-to-day tenants and 100% of the occupied space has signed new or renewed leases within the last six years. In addition, almost half of the existing tenants have been in the center for 11 years or more, which demonstrates the solidity of the real estate.
Colonial Square is located at 5101-5153 Ming Avenue in Bakersfield at the hard corner, signposted intersection of Ming Avenue and New Stine Road with 55,000 daily traffic. Ming Avenue is Southwest Bakersfield’s main commercial artery that connects Highway 99 to the high growth areas of West Bakersfield. Colonial Square was built in 1985 on 2.97 acres and was 97% occupied at the time of the sale.
According to Asher, the property benefits from traffic generated by nearby retail tenants, including Home Depot, Ross Dress for Less, TJ Maxx, 99 Cent Only, ALDI, DD’s Discounts, Dollar Tree, Food Maxx, Grocery Outlet, JOANN Fabric and Crafts, Marshalls, Michaels, Pet Smart and Walgreens. Colonial Square is located less than two miles from Valley Plaza Mall, anchored by JCPenney, Macy’s and Target, the only regional mall in the shopping area.
The property is near California State University, Bakersfield, which has 11,000 students enrolled each year. There are approximately 318,000 people who reside within a five-mile radius of the mall.
Located in the Central Valley of California, Bakersfield is the ninth largest city in California with a total population of over 400,000 people and over 900,000 people in the metropolitan area. California’s Central Valley is one of the largest economies in the world and is within four hours of 90% of California’s population.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $9.3 billion transaction history that specializes in the sale of commercial properties nationwide. Our expertise, proven track record and unwavering dedication to putting customer needs first sets us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers are unparalleled in the industry, resulting in maximum exposure and price for every property. With unparalleled service, Hanley Investment Group has redefined the retail investment property experience.
For more information, visit www.hanleyinvestment.com.
Company Name: Hanley Investment Group Real Estate Advisors
Contact person: Bill Asher, Executive Vice President
E-mail: Send an email
Address:3500 E. Coast Highway, Suite 100
Town: Crown of the Mar
Country: United States