Located in Bakersfield, California, Wells Fargo sits near the international airport, Meadow Field Airport, which reaches 135,000 people within a three-mile radius and has been occupied as a bank branch for over 50 years. This specific bank boasted over $77 million in deposits, ten percent more than the year prior. The owner was looking to sell the property to exchange into a longer lease that would increase their cashflow after owning the building for nearly 20 years. With ±3.5 years remaining on the lease, the buyer pool significantly reduced as investors typically seek long-term leases.
With the help of Matthews™ industry-leading technology and the proprietary 1031 Private Client Advantage Program, the team was able to source a 1031 Exchange buyer out of California.
By utilizing the 1031 Private Client Advantage Program, the seller exchanged out of a short-term lease and into a brand new construction corporately-guaranteed auto service property. Leveraging Barrington Capital Corporation™, a lending firm that provides debt financing for CRE investments, Matthews™ conducted a seamless lending process that resulted in increased cash flow and a secure lease term extended from three years to 15 years.
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