|
|
1/21/19
|
A 220.2k sf, single-tenant NNN lease industrial distribution center in Bakersfield traded hands for $10.85 mil ($49/sf). Built in 1980, the property is occupied by Men’s Warehouse.
The property is located at 5801 District Blvd in the Stockdale Industrial Park, the primary industrial submarket within Bakersfield, south of White Lane and east of Ashe Road in Southwest Bakersfield. The 15.374-acre property is easily accessible, situated just minutes from the 99 and 58 freeways.
The building features 24-foot to 28-foot clearance, expandable loading, sufficient power, secured outside yard areas and is adjacent to rail. The building is a dock-high, pre-fabricated metal structure with four-inch Monopanel walls, an MR-24 gauge standing-seam insulated roof with six-inch, 3,000 PSI and eight-inch, 5,000 PSI reinforced concrete floors.
Patrick Barnes, Stephen Haupt, Christopher Maling and David Maling with Colliers International represented the buyer, OLP Bakersfield Ca LLC, a private investor, and the private seller, ICI Property LLC, in the transaction. The transaction closed within 40 days of opening escrow with the all-cash buyer, according to Barnes.
Barnes and Haupt went on to say that the single-tenant NNN lease investment has been occupied by Men’s Warehouse since 2009 and that both the building and location were ideally suited for the credit tenant which services its West Coast locals from this facility. The buyer saw this highly functional industrial investment as an opportunity to create additional upside while enjoying an attractive basis with great income from a credit tenant for the next five and a half years.
The market demands for industrial in core markets from both investors and occupiers are allowing markets like Bakersfield to come into focus. Recent occupiers like Amazon, which is currently building a 2.5 msf distribution center in Bakersfield, have chosen the region due to its attractive market fundamentals for businesses and employees, according Barnes.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
