Hanley Investment Group Real Estate Advisors and Progressive Real Estate Partners have completed the $2.64 million sale of a renovated, single-tenant AutoZone property in Bakersfield. The freestanding retail building was originally delivered in 2013 and underwent a complete renovation in 2025. AutoZone occupies the asset under a new 15-year triple-net lease structure, providing long-term, passive income for the buyer.
The seller, Torrey Financial Group of San Diego, engaged Hanley Investment Group to handle the disposition. The brokerage team was led by EVP and partner Jeff Lefko and EVP Bill Asher, who represented Torrey Financial Group in the transaction. On the buy side, Progressive Real Estate Partners, based in Rancho Cucamonga, represented a private investor from Los Angeles.
Progressive Real Estate Partners’ team included SVP and Managing Director Greg Bedell and Vice President Lance Mordachini, who advised the buyer through the acquisition. According to Lefko, the brokerage group sourced an all-cash 1031-exchange buyer from Nevada, which allowed the parties to negotiate a 40-day escrow period. The sale closed at more than 96% of the listing price, which Lefko said reflects ongoing demand for essential retail assets in fast-growing suburban locations.
Bedell noted that the private investor was motivated to move quickly due to several attributes of the property and tenancy. These included the long remaining lease term, the recent renovation of the building, what he characterized as replaceable rents, and the investment-grade strength of AutoZone as a tenant. He added that the combination of these factors made the asset compelling for investors targeting stable, service-focused retail in supply-constrained California markets.
The AutoZone store is located at 1125 Olive Dr. in Bakersfield. It occupies an 8,302-square-foot building configured for single-tenant retail use. With the renovation completed in 2025 and the new 15-year triple-net lease in place, the property offers the buyer a fully modernized facility backed by a national automotive parts retailer. The transaction highlights investor interest in long-duration, net-leased retail tied to essential consumer demand and established credit tenants.
