Tuckness Woods Retail Properties Team

Delivering Exceptional Results for Clients in Central California


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

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Q3-2018 Bakersfield/Kern County Retail

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

Our mission statement

The Tuckness Woods Retail Properties Team aims to provide unprecedented serivce to our clients, creating a targeted approach in order to solve the unique problems associated their real estate needs.  Through our process, we are able to assess our clients' critical needs and implement a plan in order to achieve those goals. 

 

 

 

 

 

 

 

Services

The Tuckness Woods Retail Properties Team specializes in all areas concerning retail properties.  We represent clients looking to sell or purchase 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 Colliers Network, we provide clients access to the best marketplace information, marketing materials, quarterly reports, and property exposure.

A Word From Our Clients

"JJ Woods has been Dollar Tree’s broker and market expert in Kern County for years – he has the knowledge and determination that allowed us to exceed expectations during a heightened store expansion period."
Jonathan Langford | Real Estate Manger
Dollar Tree

J"J Woods and his team have represented our Bakersfield asset for 10 years and has been instrumental in the shopping center’s evolution. Deep market knowledge, creative ideas, and timely responses are the key to the longevity of the relationship. I look forward to working together for years to come."
Ryan Dan, Sr. Director – Leasing Donahue Schriber Realty Group
The Marketplace Shopping Center

 "JJ and Garret do a great job combining deep market knowledge with tenacity to get deals done."  Jay Kerner, President, U.S. Realty Partners, Inc.

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