Beta Agency, a leading commercial real estate brokerage and advisory firm based in Los Angeles, CA, has announced that the firm has completed the sale of a Smart & Final Extra! building located at 1725 Golden State Avenue in Bakersfield, California to an undisclosed buyer for $10.85 million.  The property consists of a 26,237-square-foot building on 2.24 acres of land.

Beta Agency’s Adam Friedlander represented the Seller, a private shopping center owner based out of San Diego, California in the off-market sale transaction. Smart & Final Extra! had 15 years of remaining lease term.

The Buyer was in a 1031 exchange and had recently completed the sale of an apartment building. The Buyer was attracted to the long-term lease, tenant profile and the fact that landlord had zero obligations. This sale represents one of the lowest cap rates recorded for a Smart & Final single tenant leased investment.

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