Triple-Net AutoZone Sells to Private Investor from LA

Hanley Investment Group Real Estate Advisors and Progressive Real Estate Partners arranged the $2.64-million sale of a renovated, single‑tenant AutoZone in Bakersfield. The building, originally constructed in 2013, underwent a full renovation in 2025 and is leased to AutoZone on a new 15‑year triple-net lease.

EVP and partner Jeff Lefko and EVP Bill Asher of Hanley represented the seller, Torrey Financial Group, based in San Diego. The buyer, a private investor from Los Angeles, was represented by Greg Bedell, SVP and Managing Director, and Lance Mordachini, Vice President with Progressive Real Estate Partners in Rancho Cucamonga.

“We procured an all‑cash, 1031-exchange buyer from Nevada,” said Lefko. “We negotiated a 40‑day escrow and closed at over 96% of the listing price, which reflects the continued depth of demand for essential retail in fast‑growing suburban markets.”

Bedell added, “Our buyer was highly motivated and moved quickly because of the long‑term lease, the recent renovation, replaceable rent, and the investment grade strength of AutoZone. This asset checked every box for investors seeking stable, service‑based retail in supply‑constrained California markets.”

The AutoZone is located at 1125 Olive Dr. in Bakersfield, occupying an 8,302‑square‑foot building.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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