BAKERSFIELD, Calif. – February 20, 2024 – Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, and Progressive Real Estate Partners, a boutique commercial brokerage firm specializing in the leasing and sales of retail properties in Southern California’s Inland Empire, announced today that the two firms arranged the sale of a newly constructed, single-tenant property occupied by Chase Bank with a drive-thru ATM in Bakersfield, California. The purchase price was $2.93 million for the absolute triple-net ground lease.
Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller, a private investor based in Bakersfield. The buyer, a private investor based in San Bernardino County, California, was represented by Greg Bedell and Lance Mordachini of Progressive Real Estate Partners in Rancho Cucamonga, California.
“We procured a repeat single-tenant bank investor through a cooperating broker relationship, with whom we had worked with numerous times in the past. This resulted in a smooth and timely transaction that benefitted both the buyer and seller,” said Asher.
Asher also highlighted that his particular Chase Bank branch was a relocation and had a very strong deposit base within the trade area.
Constructed in 2022, the 3,576-square-foot bank building is located at the signalized intersection of Oswell Street and Mall View Road at 2631 Oswell Street. Chase Bank 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).
JPMorgan Chase (NYSE: JPM; S&P: A+), headquartered in New York City, holds the distinction of being both the largest bank in the United States and the world’s largest bank by market capitalization, according to Forbes. JPMorgan Chase had $3.9 trillion in assets and $328 billion in stockholder equity as of December 31, 2023. The firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management.
JPMorgan was recently ranked amongst the top five “World’s Most Admired Companies” by FORTUNE. It proudly held the fifth position in this prestigious ranking123. The recognition reflects its strong corporate reputation and successful navigation of economic challenges, particularly during a period of inflation. Within the U.S., JPMorgan Chase operates 7,231 branches and ATMs.
“The buyer was attracted to the investment-grade credit tenant, the largest financial institution in the U.S., and its new long-term lease,” said Bedell.
“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.
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1,650 lease and sales transactions valued at more than $1.8B in over 35 cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over an $11 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients’ needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties. For more information, visit www.hanleyinvestment.com.