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Hale Retail Team

Delivering top results


As experts with Colliers International | Central California, we represent investors and tenants associated with triple net investment properties throughout the Central Valley.

Q2 2018 Retail Market Snapshot

Bakersfield/Kern County - Retail Market Outlook

Bakersfield’s retail market retains 5.6% vacancy rate for the 2nd quarter in a row

Total Market Inventory:   31,560,121 SF (which breaks down to 15,733,995 SF - General Retail; 2,229,752 SF - Malls; 2,167,820 SF- Power Centers; 314,528 SF - Specialty Centers and 11,114,026 SF - Shopping Centers) .

 

Total Vacant:  The vacancy has declined from the high of 6.4 % (1,748,782 SF) at the end of the 3rd Quarter of 2017 to 5.6% at the end of the 2nd Quarter and remained the same through the 3rd Quarter of 2018.

 

Absorption:  Quarter 3-2018 absorption is -2,273 SF compared to the 246,332 SF at the end of the 2nd Quarter 2018.

 

Tenants moving out of large blocks of space year to date are:  1) Kmart moved out of 92,000 SF at 2785 Highway 46; 2) Vons vacated 32,545 SF at 2345 -2461 N. Chester Avenue; 3) Kmart vacated an additional 79,852 SF at 301 Gardner Field Road; and 4) Cuttin’ Loose vacated 73,327 SF at 6405 Ming Avenue.

 

Tenants moving into large blocks of space thus far in 2018: 1) The Boulevard Fun Center -42,700 SF at 3200 Buck Owens Boulevard; 2) Maya Cinemas - 40,000 SF at 401 Wollomes in Delano, CA; 3) Computer Depot - 11,597 SF at Ming Plaza; and 4) Smart & Final – 30,400 SF at 2544 Mt. Vernon.

 

Large Lease Transactions Year to Date:  1) Greater Bakersfield Dialysis - 16,133 SF at 5101 White Lane, 2) Sculpt 365 Fitness – 10,000 SF at 9500 Brimhall Road, 3) Dollar General – 10,465 SF at 600 Norris Road; 4) Kids Empire – 10,000 SF at 4200 California Avenue; and 5) Dollar General – 9,026 SF at 5000 Lake Isabella Boulevard, Lake Isabella.

 

Large SF Sales Year to Date:  140,025 SF at 3400 Wilson Road and 50,000 SF at 4001 California.

 

Average Asking Rental Rates for the market are currently $14.85 psf NNN annually and are trending higher than at the end of the 2nd Quarter 2017. The highest asking rental rate is in the University Center submarket at $31.55 psf NNN annually and the lowest asking rental rate is $10.58 psf NNN annually in the Downtown Submarket

 

Deliveries and Under Construction – 18,725 SF were delivered to the market in the 3rd quarter with 52,069 SF still under construction.

 

(References:  Co-Star and Retail Teams Input)

 

Please contact a team member for further market information

Smart and Final

Our mission statement

 The Hale Retail Team aims to provide unprecedented service to our clients, creating a targeted approach in order to solve the unique problems associated with triple net investment properties.  Through our process, we are able to assess our clients' critical needs and implement a plan in order to achieve those goals.

 

 

 

 

 

 

Bella Vista

Services

The Hale Retail Team specializes in all areas concerning triple net investment properties.  We represent clients looking to sell or purchase investments through conventional means or 1031 Exchange.  We also specialize in leasing as Landlord or Tenant Representatives, serving numerous clients in both areas through a combined 32 years of experience.  Using the vast Colliers network, we provide clients access to the best marketplace information, marketing materials, quarterly reports and property exposure.
Grocery Outlet

Who's Talking About Team Hale

“We engaged the Hale Retail Team to market The Palms Shopping Center,  an unanchored, struggling retail project with numerous vacancies.  Not only did the Hale Retail Team  secure an anchor tenant but they also helped with all aspects of the lease and of the anchor’s build out as well as recommended third party vendors to complete a survey and reconfigure access, etc.  Additionally, they crafted creative solutions to lease the vacant small shop space.  The Hale Team’s leasing efforts repositioned the property as an anchored center and enhanced its value significantly. I recommend the Hale Retail Team for their integrity,  dedication, knowledge, creativity and their ability to go  above and beyond normal brokerage duties to help us achieve our ultimate goal of maximizing value and selling the center.” - Jyotsna Desai Vice President, Special Assets U.S. Bank.
The Palms

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