Corona Del Mar-based Hanley Investment Group has arranged the $10 million sale of Colonial Square, a 41,000-square-foot, multi-tenant retail strip in Bakersfield, CA. The firm’s Vice Presidents Bill Asher and Jeff Lefko represented the seller, LS Capital Inc. The buyer was an LA-based private investor.
“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 an investor in a 1031 exchange who obtained financing and closed escrow at $165,000 over asking price.”
According to Asher, 100% of Colonial Square’s occupied square footage is leased to service or daily-need tenants who have signed new leases or renewed in the last six years. In addition, nearly half of the existing tenants have been located in the center for at least 11 years. The property also benefits from traffic generated by nearby tenants including Home Depot and Ross.