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Bakersfield, Calif. — Hanley Investment Group Real Estate Services has arranged the $10.1 million sale of Colonial Square, a 41,238-square-foot retail strip center located north of Los Angeles in Bakersfield. Bill Asher and Jeff Lefko of Hanley represented the seller, LS Capital Inc. Independent realtor and broker Paul Stansen represented the buyer, a Los Angeles-based private investor, in the 1031 exchange transaction. The property was developed in 1985 and was 97 percent occupied at the time of sale.