Marcus & Millichap Arranges Sale Of Former East Hills Mall
BAKERSFIELD, CA, July 14, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of the former East Hills Mall, a 352,666-square feet vacant mall on approximately 38 acres of land located in Bakersfield, CA, according to Enrique Wong, regional manager of the firm’s Los Angeles office. The asset sold for $7,225,000.
Orbell Ovaness, Ara Rostamian and Aren Ohanian, investment specialists in Marcus & Millichap’s Los Angeles office, had the exclusive listing to market the property on behalf of the seller, Modesto, CA based Retail Equities, LLC. The buyer, a Southern CA partnership made up between Steve Zimmerman of ZDI, Inc. and Michael Heslov of Soboroff Partners, was also secured and represented by Orbell Ovaness, Ara Rostamian and Aren Ohanian. Vincent Roche of Cushman & Wakefield/Pacific consulted on the transaction.
“We are extremely impressed with the diverse economy in the Bakersfield market and the quality of growth and development in the city” noted Steve Zimmerman. “This property is extremely well located and is ideally suited for new commercial and perhaps mixed-use development” Steve Zimmerman added.
The partnerships plan for the property is to commence demolition as soon as possible and remove all the structures from the property. The planning for the future development of this well-located property is in the beginning stages. The property has a current approved entitlement from the City of Bakersfield.
“The City of Bakersfield has demonstrated support for the redevelopment of this property, and we look forward to working with them and the community to bring about a quality project”, added Michael Heslov.
Formerly called City Lights at East Hills the property is located at 2800-3200 Mall View Rd in Bakersfield, CA. East Hills Mall is adjacent to Highway 178 between Mt. Vernon & Oswell Street. The property was initially developed by the Hahn Company in 1988. The mall lost the anchor department stores and has been the subject of redevelopment efforts for an extended period.
“The marketing process of an asset like this required in depth understanding of what the city really wants, who the key retail players are and a beauty pageant of developers to source the best buyer” said Orbell Ovaness heading up the team at the Ovaness-Rostamian Group of Marcus & Millichap. “The site is surrounded by over 1 million square-feet of essential tenant anchored shopping centers in many ways acting like an anchor for the subject property and creating a tremendous opportunity for our developer clients “said Ara Rostamian managing partner at the Ovaness-Rostamian Group of Marcus & Millichap.
“When we won this assignment, it was clear to us that the centralized location, ease of access and retail synergy around the site were key components to highlight in our marketing campaign which yielded several qualified investors and developers through the tail end of the pandemic”, said Aren Ohanian associate director at the Ovaness-Rostamian Group of Marcus & Millichap.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.