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4/10/08
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The Padre Hotel, a historic building that stands as a cornerstone to redevelopment efforts in downtown Bakersfield, traded hands in a recent sale that should allow new plans to restore the 1928 landmark to move forward. The 72.8k sf structure, currently in not much more than shell condition, was purchased by Visalia-based hotel operator Brett Miller of Eat, Drink & Sleep Inc and architect Graham Downes, out of San Diego. Although the deal value was not disclosed, the property was listed in June of 2007 with an asking price of $5.6 mil.
The property was sold by Pacifica Enterprises of Rancho Santa Fe, which acquired the asset in 2001 but had since been unable to convert the property into condos and retail space, as they had planned. At the time Pacifica purchased the property it was already completely vacant, aside from two ground-floor retail tenants, with all but the bottom two floors closed by the city.
Located at 1813 H St, the building consists of a 10k sf ground floor along with 7.9k sf floorplates on floors two through eight and a 7.8k sf basement. Miller plans to restore the property to its stature from decades ago as a high-end boutique hotel with a restaurant, night club and coffee shop. He has an aggressive timetable for the property’s redevelopment and hopes to have the building at least partially open by the end of 2008.
The transaction was brokered by Paul Runkle and Brian Loring of Hendricks & Partners, who represented Pacifica in the deal.
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