BAKERSFIELD, CA-Bear Valley Plaza LLC of San Clemente has purchased the 69,381-sf Taft Hills Plaza neighborhood retail center from Wilson/Taft Investments LLC of Bakersfield for $10.2 million, according to the Irvine-based REZA Investment Group Inc. The deal was a 1031 exchange that "illustrates the continued demand for grocery anchored and stabilized retail assets in Southern California," according to Ramez Barsoum, a VP at Reza Investment Group, who was the broker on the deal.
Built in 1985, the Taft Hills Plaza was 100% occupied at the time of the sale. The property is at 1008-1074 and 1078-1092 W. Kern St.
Barsoum describes the property, which is anchored by food and drug stores, as "the most dominant shopping center in the trade area." The more than 69,000 sf of space at the center is occupied by approximately 80% national and regional tenants, including Albertsons supermarket and the Rite Aid drug chain.
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