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December 21, 2014
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Bakersfield Office Complex Sells for $32.8 Mil

3/20/13

A 166.6k sf, three-building office complex in Bakersfield sold for $32.8 mil, or about $197/sf. The property, located at 100 East California Ave, is 100 percent leased to Kern County through 2028, in an agreement that does not include an early termination clause.

The complex is located on approximately 17.4 acres at the prominent commercial intersection of East California Ave and Union Ave; a signalized corner with a traffic count of 50,500 cars per day. The property has more than 450 feet of frontage on both avenues.

The office complex was designed and built for its current tenant, the Kern County Department of Human Services. The buildings serve as an administrative and service center for the delivery of social services to Kern County residents. The main building, which totals approximately 156.9k sf, and the 4.2k sf family visitation building were built in 1988. The administrative annex totals approximately 5.5k sf and was added in 2006.

Marcus & Millichap’s Michael Lawrence, senior vice president investments, and Blake Bokosky, associate, represented the seller, an offshore investment company. M&M’s Marty Cohan, vice president investments, repped the buyer, an out-of-state private investor group.

“The investment provides the new owner with a well-located office asset that has an attractive current yield and requires little management,” says Lawrence. “With long-term tenancy, annual increases and an investment-grade tenant, 100 East California Ave should continue to provide excellent returns well into the future.”

“The Bakersfield office market is currently one of the state’s best performing office markets with an extremely low 6.7 percent vacancy rate,” adds Cohan.

Interestingly, this follows by only a few months a similar Bakersfield transaction in which a 213k sf office complex at 1000 Ming was purchased by an affiliate of Roll Global for $37 mil, as reported on RENTV last December. That property is 100% leased to AERA Energy LLC, California’s leading oil and gas producer.




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