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7/29/22
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In a brief retail sales update from Bakersfield, an exchange investor paid $10.85 mil for a 26.2k sf ($414/sf) Smart & Final Extra! Building in an off-market transaction. The building sits on 2.24 acres of land at 1725 Golden State Ave. Smart & Final Extra! had 15 years of remaining lease term.
The buyer, who was in a 1031 exchange and had recently completed the sale of an apartment building, was attracted to the long-term lease, tenant profile and the fact that landlord had zero obligations. This sale represents one of the lowest cap rates recorded for a Smart & Final single tenant leased investment.
Adam Friedlander with Beta Agency represented the seller, a private shopping center owner based out of San Diego, in the deal.
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