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7/19/22
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Colonial Square, a 41.2k sf, multi-tenant retail strip center in Bakersfield was acquired by an L.A.-based 1031 exchange investor for $10.1 mil ($245/sf). The property was sold by LS Capital Inc, a real estate asset management investment firm based in Los Angeles.
Colonial Square was built in 1985 on 2.97 acres and was 97% occupied at the time of the sale. The property is located at 5101-5153 Ming Ave in Bakersfield at the hard corner, signalized intersection of Ming Ave and New Stine Rd with 55,000 cars per day. Ming Ave is the primary retail thoroughfare in southwest Bakersfield that connects Hwy 99 to high-growth areas in west Bakersfield.
The property benefits from traffic generated by nearby retail tenants including Home Depot, Ross Dress for Less, T.J. Maxx, 99 Cent Only, ALDI, DD’s Discounts, Dollar Tree, Food Maxx, Grocery Outlet, JOANN Fabric and Crafts, Marshalls, Michaels, PetSmart and Walgreens. Colonial Square is situated less than two miles from Valley Plaza Mall, anchored by JCPenney, Macy’s and Target, the only regional mall in the trade area.
The property is also in close proximity to California State University, Bakersfield, which has an annual enrollment of 11,000 students. There are an estimated 318,000 people that reside within a five-mile radius of the shopping center.
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller in the deal. The buyer was repped by Paul E. Stansen, APC in Calabasas. According to Asher, the listing generated eight qualified offers in the first week of marketing the property.
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