Serving as one of the main retail hubs of Kern County, Bakersfield is drawing investors with a number of large shopping centers. One shopping center, which is located at 4300 Ming Avenue, recently was placed on the market, with an asking price of $30.4 million, or about $230 per square foot. According to the listing by Cushman & Wakefield, the property totals 132,469 square feet and is anchored by Food Maxx.
Located at the intersection of Ming Avenue and Stine Road on more than 10 acres of land, the shopping center, known as Ming Around the Corner, last traded in 2019, when it was acquired by Sacramento-based Inter-Cal Real Estate.
The property was built in 1980 and consists of a mix of national and local tenants across four retail buildings. Its anchor tenant takes up 37 percent of the property, which is 93.2 percent occupied. Other tenants at the property include Walgreens, Bio Life, AT&T Store, Skechers and Stanton Optical. With current tenants, the property offers a net operating income of more than $1.7 million.
According to the offering memorandum, Ming Around the Corner is the only retail asset in the immediate area. In general, Ming Avenue serves Bakersfield as one of the city’s main retail corridors. The property is also closely situated to Plaza Regional Mall and State. With easy access to State Route 99, the property also sees around 45,000 vehicles per day.
In total, Bakersfield is home to a growing population of 379,000 people. In 2019, the city grew by 1.7 percent, which is more than eight times the growth rate of the state of California. The city is also expected to see continued growth moving forward, with population estimates of 418,773 people by 2026. The area also maintains an average household income of $84,396 per year.