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10/22/19
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Wood Investments Companies has purchased a 7k sf, single-tenant property in Bakersfield for $1.44 mil ($205/sf). The deal came in at a 7% cap rate.
The net-lease property, occupied by Aaron’s, is situated on 0.88 acres at 6473 Niles St, at the signalized intersection of Niles St and Fairfax Rd. The freestanding building is is adjacent to FoodMaxx, Dollar Tree, CVS/pharmacy, Vallarta Supermarkets and Pep Boys Auto Parts & Service.
“This is a prime, hard-corner location surrounded by national retailers,” said Managing General Partner Patrick Wood of Wood Investments Companies. “We feel that Northeast Bakersfield has a lot of retailers and service-oriented tenants missing, so long-term, we like the potential re-development opportunity that the site brings.”
Garret Tuckness of Colliers International in Bakersfield represented the seller, Sultan Financial Niles LLC.
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