Progressive Real Estate Partners Represents Buyer In $2.64M Bakersfield Retail Sale

The transaction involves a retail asset located at 1125 Olive Drive in Bakersfield, California. The property was sold for $2,640,000 and has a total square footage of 8,302. The sale equates to a price per square foot of $318. The asset is a single-tenant AutoZone that is leased on a new 15-year triple-net lease following a renovation completed in 2025.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $2,640,000
• Address: 1125 Olive Drive
• Market: Bakersfield, CA
• Square Footage: 8,302
• Price per Square Foot: $318
• Seller: Torrey Financial Group
• Buyer's Representative: Greg Bedell & Lance Mordachini - Progressive Real Estate Partners
• Seller's Representative: Jeff Lefko & Bill Asher - Hanley Investment Group

Hanley Investment Group represented the seller, Torrey Financial Group, in this transaction. Progressive Real Estate Partners acted on behalf of a Los Angeles-based private buyer who completed the acquisition in an all-cash 1031 exchange.