Irvine, CA - December 6, 2021 - Faris Lee Investments arranged the $1.35 million sale of a mostly vacant office building in Bakersfield, CA. The property presented a unique opportunity to acquire a value-add asset with below-market rents in a dense infill location with over 258,000 residents within a 5-mile radius.
Located at 501 40th Street, the property sits within close proximity to other major healthcare facilities like Kaiser Permanente and is adjacent to the Bakersfield Memorial Hospital complex.
The team marketed the property in the heart of the pandemic highlighting the Pro-forma income. The deal closed with a local owner/user buyer that saw the long-term value of the real estate, under-market rents, and the overall location of the property. Faris Lee Investments was the third broker hired to finally sell the project.
About Faris Lee Investments: Faris Lee Investments is a national leading retail advisory and investment sales firm. The company’s high-level retail investment advisors develop forward-thinking strategies for all retail acquisitions and dispositions and guide clients through complex transactions. Through its recent strategic affiliation with X-Team Retail Advisors, a nationwide partnership of seasoned retail leasing experts, Faris Lee offers a fully integrated platform with disciplined expertise in landlord leasing, tenant representation, and investment sales to maximize value for clients.