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April 18, 2024
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ZDI Inc Buys 29k sf Retail Property in Bakersfield


A SoCal-based ZDI Inc entity paid $8.1 mil for a 29.4k sf ($275/sf), 100% leased retail asset in Bakersfield. The property has long been anchored by a major office supply retailer since it was built in 2005, and the remaining tenancy consists of regional and national shops.

Located at 2625-2635 Mall View Rd, just off Mt Vernon Rd along Hwy 178, the property sits adjacent to the recently demolished East Hills Mall planned for redevelopment as City Lights.

The buyer, who acquired the asset through a 1031 exchange, is also the co-owner of the East Hills Mall redevelopment site nearby. The seller, a local partnership of real estate professionals which had owned the property for more than 15 years after purchasing it from the original developer soon after completion, was repped by Cushman & Wakefield’s Duane Keathley and Vincent Roche.

“This was an attractive retail investment opportunity in a desirable northeast Bakersfield location supported by a well-established long-term anchor and other popular retailers. We received multiple offers and were able to achieve strong pricing for this well positioned asset,” said Roche. “In addition to being next to the proposed City Lights project planned to total 350k sf of new retail, the property is surrounded by over 1 msf of existing retail featuring some of the world’s biggest and most recognized retail anchor brands.”

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