OC Firm Arranges $10M Sale of Bakersfield Retail Center
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.
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.