In December of 2019, I had the opportunity to work on the acquisition of the Outback Steakhouse located on Stockdale Highway in Bakersfield, CA.
The Outback Steakhouse is an outparcel to the Stockdale Fashion Plaza Shopping Center and is situated at a signalized intersection on the corner of Village Lane and Stockdale Highway – the major artery of Bakersfield. The subject site sees over 30,000 vehicles per day and is adjacent to several national retailers including Chipotle, Starbucks, In-N-Out Burger, CVS and Chick-Fil-A.
The seller, who owned Stockdale Fashion Plaza Shopping Center, wanted to sell the Outback Steakhouse to pay down debt on the shopping center and make an alternative investment outside of real estate. We were able to carefully structure the acquisition so that he could achieve his multiple economic goals.
During the acquisition process, the seller spent much of his time in Hawaii (a 6-hour time difference from us in New York City). Despite the logistical challenges this posed, we were able to accommodate all the requirements from the seller, including meetings and calls at all hours of the day. Having 24/7 availability allowed us to fulfill the terms of our contract punctually and professionally. The transparency and communication between both parties played a critical role throughout the entire closing process.
This transaction proved successful in fulfilling the complex objectives and needs of all parties involved. We continue to hold this property in our portfolio and remain bullish on the overall Bakersfield market. We look forward to continuing to grow our current footprint throughout the state of California.