BAKERSFIELD, Calif. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm has arranged the sale of Colonial Square, a 41,238-square-foot multi-tenant retail strip center in Bakersfield, California. The sale price was $10.1 million.
Hanley Investment Group's 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, California. The buyer was a private investor based in Los Angeles and was represented by Paul E. Stansen, APC in Calabasas, California.
"We generated eight qualified offers in the first week of marketing the property and created a competitive bidding environment to achieve maximum market pricing," said Asher. "We procured a private investor in a 1031 exchange who obtained financing and closed escrow in 45 days at $165,000 over the asking price."
Asher added, "Colonial Square's internet-resistant tenant mix, signalized corner location and attractive return for a multi-tenant retail center was appealing to investors. Also, 100% of the occupied square footage is leased to service or daily-needs tenants, and 100% of the occupied square footage signed new leases or renewed in the last six years. Furthermore, nearly half of the existing tenants have been located at the center for 11 years or more, which demonstrates the strength of the real estate."
Colonial Square is located at 5101-5153 Ming Avenue in Bakersfield at the hard corner, signalized intersection of Ming Avenue and New Stine Road with 55,000 cars per day. Ming Avenue is the primary retail thoroughfare in southwest Bakersfield that connects Highway 99 to high-growth areas in 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, T.J. Maxx, 99 Cent Only, ALDI, DD’s Discounts, Dollar Tree, Food Maxx, Grocery Outlet, JOANN Fabric and Crafts, Marshalls, Michaels, PetSmart and Walgreens. Colonial Square is situated less than two miles from Valley Plaza Mall, anchored by JCPenney, Macy's and Target, the only regional mall in the trade area.
The property is in close proximity to California State University, Bakersfield, which has an annual enrollment of 11,000 students. There are an estimated 318,000 people that reside within a five-mile radius of the shopping center.
Located in California's Central Valley, Bakersfield is the ninth largest city in California with a total population of more than 400,000 people and over 900,000 people within the metropolitan area. California’s Central Valley is one of the world's largest economies and is located 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 track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set 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, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.
For more information, visit www.hanleyinvestment.com.
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email: Send Email
Address:3500 E. Coast Highway, Suite 100
City: Corona del Mar
Country: United States