In a recent retail investment acquisition out of Bakersfield, JH Real Estate Partners purchased Rosedale Village, a 222k sf community center located at one of the city’s busiest intersections. The property was sold by Standard Management for $29.35 mil ($132/sf).
Rosedale Village is located at Rosedale Hwy and Calloway Rd, one of Bakersfield’s busiest intersections with approximately 74,900 vehicles per day. Due to the market’s extremely low vacancy rate of two percent, no competing big box opportunities in the trade area, and under market rents, Rosedale Village presented a unique value-add opportunity within the Southern California basin.
The center is one of only two community centers that serve the northwest trade area of Bakersfield. It was positioned as an extremely well-located Class B- center in an A location. The older center currently has two dark anchors providing an opportunity for new owners to bring in stronger co-tenants and increase rents.
Donald MacLellan, Rick Chichester, Chris DiPeierro and Tom Chichester of Faris Lee Investments represented both parties in the transaction. According to Faris Lee, the listing attracted 12 highly qualified offers from developers, REITs, institutional funds and 1031 buyers.