Wood Investments Co. Buys Single-Tenant Retail Property in Bakersfield for $1.4 Million, 7% Cap Rate
BAKERSFIELD, Calif. – (RealEstateRama) – Wood Investments Companies, Inc., a leading California commercial real estate investment and management company specializing in retail, announced today the acquisition of a 7,002-square-foot, single-tenant, net-lease property occupied by Aaron’s at 6473 Niles Street in Bakersfield, California. The purchase price was $1,436,619, representing a 7% cap rate.
“This is a prime, hard-corner location surrounded by national retailers,” said Managing General Partner Patrick Wood of Wood Investments Companies. “We feel that Northeast Bakersfield has a lot of retailers and service-oriented tenants missing, so long-term, we like the potential re-development opportunity that the site brings.”
The freestanding building is situated on 0.883 acres at the signalized intersection of Niles Street and Fairfax Road and is adjacent to FoodMaxx, Dollar Tree, CVS/pharmacy, Vallarta Supermarkets and Pep Boys Auto Parts & Service.
Wood adds, “I took part in developing the CVS across the street in 2008 and this was an easy ‘yes’ when this property became available. It plays right into our strategy of partnering in communities on value-add retail located on good intersections that benefits an underserved community.”
This is Wood Investments Companies’ first asset purchased in a “small properties fund” that has been set up to do value-add retail and mobile homes in the western United States.
Garret Tuckness of Colliers International in Bakersfield represented the seller, Sultan Financial Niles, LLC.
About Wood Investments Companies, Inc.
Wood Investments Companies (WIC) is headquartered in Costa Mesa, California, and operated and managed by Patrick Wood with the WIC team consisting of partners Matthew Bush and Jeff Hopkins. WIC is a privately held commercial real estate investment and management firm that acquires, owns, operates and develops commercial retail and housing properties with a focus on value-add development and investments. The company and its sister companies have over 40 years of combined experience and success in the California commercial real estate industry. See www.woodinvco.com.
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