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2/21/24
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A newly constructed, 3.6k sf single-tenant property occupied by Chase Bank with a drive-thru ATM in Bakersfield traded hands in a $2.93 mil ($814/sf) transaction. Chase is on an absolute triple-net ground lease.
Constructed in 2022, the Chase bank building is located at 2631 Oswell St, at the signalized intersection of Oswell St and Mall View Rd. It sits on a 0.85-pad in front of an In-Shape and PetSmart-anchored shopping center. Additional tenants at the shopping center include Banfield Pet Hospital, Domino’s Pizza, Goodwill, and U.S. Bank.
The property benefits from its high-traffic location and visibility on Oswell Street (34,000 cars per day), its adjacency to Highway 178 (40,250 cars per day) on/off ramps, and within one of the major retail corridors in Bakersfield, according to Asher. Neighboring tenants include Walmart Supercenter, Target, The Home Depot, Lowe’s, Albertsons, and Smart & Final Extra! The property is near Bakersfield Community College (33,000 students) and Kern Medical (222 beds).
Bill Asher and Jeff Lefko with Hanley Investment Group Real Estate Advisors represented the seller, a private investor based in Bakersfield. The buyer, a private investor based in San Bernardino County, was repped by Greg Bedell and Lance Mordachini of Progressive Real Estate Partners in Rancho Cucamonga.
“Single-tenant net-leased investors continue to view assets leased to national credit corporate banks (with drive-thrus) as a flight to quality, safety, and security in today’s market,” Asher noted.
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