IE Business Daily Business news for the Inland Empire.
Progressive Real Estate Partners in Rancho Cucamonga has negotiated the sale of a retail building in Bakersfield occupied by an AutoZone.
San Diego-based Torrey Financial Group sold the building for $2.6 million to a Los Angeles investor who declined to be identified, according to Progressive.
Progressive represented both parties in the transaction.
The 8,300-square-foot building at 1125 Olive St. was built in 2013 and underwent a major renovation last year. The single-tenant structure has a 15-year lease that mandates a 10 percent rent increase every five years.
“Our buyer moved quickly because of the long‑term lease, the recent renovation, replaceable rent, and the investment grade strength of AutoZone,” said Fred Bedell, senior vice president with Progressive, in a statement. “This asset checked every box for investors seeking stable, service‑based retail in supply‑constrained California markets.”
This is the second time in a month that Progressive has gone outside the Inland Empire to finish a transaction. In July, it completed the sale of the historic Covina Bowl building in Los Angeles County.
