{"id":607358,"date":"2026-08-05T08:45:32","date_gmt":"2026-08-05T08:45:32","guid":{"rendered":"https:\/\/www.olympiajournal.com\/news\/story\/607358\/renovated-singletenant-autozone-sells-for-264-million-in-bakersfield-california.html"},"modified":"2026-08-05T08:45:32","modified_gmt":"2026-08-05T08:45:32","slug":"renovated-singletenant-autozone-sells-for-264-million-in-bakersfield-california","status":"publish","type":"post","link":"https:\/\/www.pennsylvania-magazine.com\/news\/story\/607358\/renovated-singletenant-autozone-sells-for-264-million-in-bakersfield-california.html","title":{"rendered":"Renovated, Single-Tenant AutoZone Sells for $2.64 Million in Bakersfield, California"},"content":{"rendered":"
\"Renovated,<\/a><\/div>\n

BAKERSFIELD, Calif. –<\/strong> Hanley Investment Group Real Estate Advisors and Progressive Real Estate Partners have arranged the $2.64 million sale of a renovated, single-tenant AutoZone in Bakersfield, California. The building, originally constructed in 2013, underwent a full renovation in 2025 and is leased to AutoZone on a new 15-year triple-net lease.<\/p>\n

Hanley Investment Group’s Executive Vice President and Partner Jeff Lefko and Executive Vice President Bill Asher, represented the seller, Torrey Financial Group, based in San Diego. The buyer, a private investor from Los Angeles, was represented by Greg Bedell, Senior Vice President and Managing Director, and Lance Mordachini, Vice President with Progressive Real Estate Partners in Rancho Cucamonga, California.<\/p>\n

“We procured an all-cash, 1031-exchange buyer from Nevada,” said Lefko. “We negotiated a 40-day escrow and closed at over 96% of the listing price, which reflects the continued depth of demand for essential retail in fast-growing suburban markets.”<\/p>\n

“Our buyer was highly motivated and moved quickly because of the long-term lease, the recent renovation, replaceable rent, and the investment grade strength of AutoZone,” said Bedell. “This asset checked every box for investors seeking stable, service-based retail in supply-constrained California markets.”<\/p>\n

The AutoZone is located at 1125 Olive Drive in Bakersfield and occupies an 8,302-square-foot building originally constructed in 2013 and fully renovated in 2025. AutoZone recently executed a new 15-year triple-net lease featuring 10% rental increases every five years and a 20-year transferable roof warranty.<\/p>\n

The property sits on a 0.72-acre parcel within Olive Drive Towne Center, a Grocery Outlet, Dollar Tree, Burlington and Goodwill-anchored shopping center that generates 1.3 million annual visits, according to Placer.ai. The site benefits from strong visibility and access along Olive Drive and is positioned just off Golden State Highway, which sees 124,000 cars per day. More than 215,000 residents live within five miles of the property.<\/p>\n

AutoZone (NYSE: AZO) is an investment-grade tenant (S&P: BBB) and the leading retailer and distributor of automotive replacement parts and accessories in the Americas. The company operates 7,710 stores across the U.S., Mexico and Brazil. In its most recent quarter ended May 2026, AutoZone reported net sales of $4.84 billion, up 3.2% year over year, and total company same-store sales increased 3.9%. AutoZone’s essential retail model and strong commercial program contribute to its long-term stability and broad investor appeal.<\/p>\n

“AutoZone continues to be one of the most competitive net lease brands in the market,” said Lefko. “Long-term leases, predictable rent growth and essential service operations make these assets highly attractive to private and institutional buyers seeking durable cash flow.”<\/p>\n

He noted that auto parts remain one of the most inflation-resilient retail categories because repairs are nondiscretionary. “Even during periods of economic pressure, consumers prioritize vehicle maintenance to avoid costlier breakdowns, which supports consistent retailer performance and sustained investor demand,” Lefko said.<\/p>\n

“Retail fundamentals in Bakersfield and throughout the Central Valley are experiencing strong momentum,” Mordachini said. “Population growth, new housing and pro-development policies continue to support demand for daily-needs and service-based retail across the region.”<\/p>\n

Hanley Investment Group has arranged the sale of 188 auto-related retail assets valued at $664 million in the last 48 months.<\/p>\n

About Progressive Real Estate Partners<\/strong><\/p>\n

Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire, San Gabriel Valley and Coachella Valley. The office is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 2,000 lease and sales transactions valued at more than $2.0B in 35+ cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their commercial real estate goals.<\/p>\n

See: www.progressiverep.com<\/a>.<\/p>\n

About Hanley Investment Group <\/strong><\/p>\n

Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a transaction track record of $13 billion, specializing in the sale of grocery-anchored, anchored, multi-tenant, and single-tenant retail properties nationwide. The firm’s expertise, proven track record spanning more than 20 years, and dedication to putting clients’ needs first set it apart in the industry. Hanley Investment Group creates value by delivering exceptional results through property-specific marketing strategies, cutting-edge technology and local market knowledge. Hanley Investment Group’s relationships with investors, developers, institutions, franchisees, brokers and 1031 exchange buyers translate into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.<\/p>\n

For more information, visit hanleyinvestmentgroup.com<\/a>.<\/p>\n

Media Contact<\/span>
Company Name:<\/strong> Hanley Investment Group Real Estate Advisors<\/a>
Contact Person:<\/strong> Jeff Lefko, Executive Vice President & Partner
Email:<\/strong> Send Email<\/a>
Phone:<\/strong> 949.585.7682
Address:<\/strong>3500 East Coast Highway, Suite 100
City:<\/strong> Corona del Mar
State:<\/strong> California
Country:<\/strong> United States
Website:<\/strong> https:\/\/hanleyinvestmentgroup.com\/<\/a><\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

BAKERSFIELD, Calif. – Hanley Investment Group Real Estate Advisors and Progressive Real Estate Partners have arranged the $2.64 million sale of a renovated, single-tenant AutoZone in Bakersfield, California. The building,<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.pennsylvania-magazine.com\/news\/wp-json\/wp\/v2\/posts\/607358"}],"collection":[{"href":"https:\/\/www.pennsylvania-magazine.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pennsylvania-magazine.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pennsylvania-magazine.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pennsylvania-magazine.com\/news\/wp-json\/wp\/v2\/comments?post=607358"}],"version-history":[{"count":0,"href":"https:\/\/www.pennsylvania-magazine.com\/news\/wp-json\/wp\/v2\/posts\/607358\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.pennsylvania-magazine.com\/news\/wp-json\/wp\/v2\/media?parent=607358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pennsylvania-magazine.com\/news\/wp-json\/wp\/v2\/categories?post=607358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pennsylvania-magazine.com\/news\/wp-json\/wp\/v2\/tags?post=607358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}