SRS Real Estate Partners Closes $11.7 Million Sale of Lumberjack Square in Bakersfield
SRS Real Estate Partners has completed the $11.7 million sale of Lumberjack Square, a fully leased, 85,031-square-foot fitness-anchored shopping center at 7701 White Lane in Bakersfield, California, the firm announced.
The transaction was brokered by SRS Capital Markets Senior Managing Principals Matthew Mousavi and Patrick Luther, who represented the seller, a California-based partnership. The buyer, also a California-based partnership, acquired the property using new financing. The deal implies pricing of approximately $137.60 per square foot.
Property Overview: Lumberjack Square
Built in 1987, Lumberjack Square sits on 7.3 acres and comprises a single-story, multi-tenant retail building totaling 85,031 square feet. The property was 100 percent leased at the time of sale, with anchor tenants including Body Xchange, DaVita, and The Firehouse. The center offers 375 parking spaces — approximately 4.41 spaces per 1,000 square feet — and features roughly 330 feet of frontage along White Lane.
The center's tenant mix spans fitness, healthcare, and food-and-beverage uses. DaVita operates an in-center hemodialysis facility at the property, while Body Xchange anchors the fitness component along a corridor that has emerged as a recognized fitness and retail hub in southwest Bakersfield.
Location and Trade Area
The property fronts White Lane, one of Bakersfield's primary commercial arterials, which carries approximately 44,900 vehicles per day. Five access points across White Lane, Cernan Way, and McNair Lane serve the center's tenants and customers.
Lumberjack Square is positioned directly across from Village at the Oaks, a 142,000-square-foot Albertsons-anchored center, and in proximity to Gosford Village Square, a 240,000-square-foot regional center anchored by Walmart Supercenter, Sam's Club, and Kohl's. The surrounding trade area encompasses more than 270,000 residents within a five-mile radius, with an average household income of $109,890 within that same radius.
Investor Demand and Deal Rationale
"This center attracted strong investor interest due to its stable tenant base with low rents, long-term upside via repositioning the center, and its location along White Lane," said Mousavi. "With more than 270,000 residents and an average household income of $109,890 within a five-mile radius, and at the buyer's rent basis, the property is positioned for continued performance."
Luther characterized the transaction as representative of broader investor appetite in the current market. "This was a well-located retail property and represents what investors are looking for in today's market in these regions: low rents, intrinsic value and upside potential," he said.
Marketing materials for the property highlighted below-market in-place rents and recent capital expenditures as supporting factors for the income profile. The sale price of $11.7 million compares to a county assessed value of approximately $7.94 million — a gap that reflects investor confidence in the center's income durability and repositioning potential. The 7.3-acre site also offers the possibility of adding pad buildings or reconfiguring tenant suites over time.
SRS Capital Markets Activity
SRS Real Estate Partners reported that its capital markets platform has completed more than $1.9 billion in deal volume across more than 525 transactions nationally in 2026. The firm currently has more than 900 properties actively on the market with a combined market value exceeding $4.3 billion.
The Lumberjack Square transaction reflects a pattern of investor interest in stabilized suburban retail assets carrying below-market rents. U.S. retail rents averaged $24.79 per square foot in the second quarter of 2026, up 2.4 percent year-over-year, a dynamic that makes centers with lower contractual rents attractive to buyers seeking embedded rent growth over the hold period.
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