Triple-Net AutoZone Sells to Private Investor from LA
Hanley Investment Group Real Estate Advisors and Progressive Real Estate Partners arranged the $2.64-million sale of a renovated, single‑tenant AutoZone in Bakersfield. The building, originally constructed in 2013, underwent a full renovation in 2025 and is leased to AutoZone on a new 15‑year triple-net lease.
EVP and partner Jeff Lefko and EVP Bill Asher of Hanley represented the seller, Torrey Financial Group, based in San Diego. The buyer, a private investor from Los Angeles, was represented by Greg Bedell, SVP and Managing Director, and Lance Mordachini, Vice President with Progressive Real Estate Partners in Rancho Cucamonga.
“We procured an all‑cash, 1031-exchange buyer from Nevada,” said Lefko. “We negotiated a 40‑day escrow and closed at over 96% of the listing price, which reflects the continued depth of demand for essential retail in fast‑growing suburban markets.”
Bedell added, “Our buyer was highly motivated and moved quickly because of the long‑term lease, the recent renovation, replaceable rent, and the investment grade strength of AutoZone. This asset checked every box for investors seeking stable, service‑based retail in supply‑constrained California markets.”
The AutoZone is located at 1125 Olive Dr. in Bakersfield, occupying an 8,302‑square‑foot building.
