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8/15/13
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Adler Realty Investments Inc purchased six multi-tenant industrial buildings in Bakersfield for $16.725 mil. The buildings were sold by the lender, who had taken the property back from the previous owner.
The 526k sf portfolio is currently 62% leased. Adler plans to make renovations to the project, with a focus on improving the functionality of the space by upgrading the truck loading capabilities and bettering the overall condition of the property.
Four of the buildings front route 58 on Brundage Lane, west of Vernon Ave, and two of the buildings are located on District Blvd, west of Ashe Rd in southwest Bakersfield. Current tenants include Crystal Geyser, On-Trac, Ashley Furniture, Red Bull, Bimbo Bakeries, and the State of California.
Stephen Haupt and Patrick Barnes of Colliers International represented the seller in the transaction. Haupt and Barnes have also been retained as leasing agents for the new owner, and M.D. Atkinson Company will be managing the property for Adler.
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