Hanley Investment Group Real Estate Advisors and Progressive Real Estate Partner arranged the sale of a newly constructed, single-tenant property occupied by Chase Bank with a drive-thru ATM in Bakersfield. The purchase price was $2.93 million for the absolute triple-net ground lease.

EVPs Bill Asher and Jeff Lefko of Hanley represented the seller, a private investor based in Bakersfield. The buyer, a private investor based in San Bernardino County, was represented by Greg Bedell and Lance Mordachini of Progressive Real Estate Partners.

“We procured a repeat single-tenant bank investor through a longstanding broker relationship. This resulted in a smooth and timely transaction that benefitted both the buyer and seller,” said Asher. He added that this particular Chase Bank branch was a relocation and had a very strong deposit base within the trade area.

Constructed in 2022, the 3,576-square-foot bank building is located at the signalized intersection of Oswell Street and Mall View Road at 2631 Oswell St. It sits on a 0.85-pad in front of an In-Shape and PetSmart-anchored shopping center.