By Lilly Riddle
A retail center is now available in Bakersfield featuring two national tenants: Hobby Lobby and Spectrum. The 119,385-square-foot property — owned by Kin Properties — is located at 4450 California Ave., situated on a 9.4-acre lot and has an asking price of $18.3 million, or roughly $153 per square foot. The estimated cap rate is 7.3 percent, according to an offering brochure from Hanley Investment Group.
The property is positioned in a dominant regional center with a strategic location near California State University Bakersfield, which has a student population of 11,000, and the region as a whole has a daytime population of over 327,000. Additionally, the center is shadow-anchored by major retailers such as Burlington, Ross Dress for Less, Five Below and AMC Theatres. There are 328,000 people with an annual household income of $76,000 within a five-mile radius, per the marketing document, and the building was valued at $3.2 million for the 2023-2024 tax year.
The center is also located in an area with other retailers and transportation hubs. Nearby is a ChargePoint Charging Station, the Westside Parkway, the Golden State Highway and Old Highway 58. Also close by are the Bakersfield Plaza shopping mall, Panera, Residence Inn, Raising Cane’s Chicken Fingers and Barnes & Noble, all of which contribute to high foot traffic, according to the brochure
The two corporate tenants, Hobby Lobby and Spectrum, also add to the property’s appeal. Hobby Lobby — the world’s largest privately-owned arts and crafts retailer with over 1,000 locations — has successfully operated at the property since 2013 and recently executed a new five-year lease. This strip center has the top Hobby Lobby in California, according to the offering brochure, and is in the top two percent of Hobby Lobbys in the country. Spectrum, a leading broadband and cable operator with over 32 million customers, has also operated in the center since 2014 and signed a new three-year lease this year.
Kin Properties, Inc. — the current owner — is a privately-held commercial real estate investment company in business for more than 65 years, according to its website. The company, whose principal activities are the “acquisition, ownership, and management of free-standing commercial properties across the United States and Canada,” is based in Boca Raton, Florida.
Kevin Fryman, Jeremy McChesney and Anthony Olivieri of Hanley Investment Group are leading the marketing efforts for this property.
