Orange County-based Faris Lee Investments has arranged the $11 million sale of a 26,000-square-foot single-tenant building leased to Smart & Final in Bakersfield, CA. The firm’s Sean Cox and Alex Moore represented the seller, a Southern California private investor.
The property is located at 1725 Golden State Ave., the main thoroughfare between Highway 99 and Highway 178. Smart & Final has a long-term, absolute triple-net-lease with rental increases, providing investors long term stability, a growing cash flow and a hedge against inflation.
“Since the beginning of the COVID pandemic we have seen a large increase in net-lease investor demand for strong credit grocery stores and other essential business tenants,” said Moore in a news release.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.