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10/04/16
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A joint venture of Cardinal Equities and the David Pick Family Partnership purchased Stockdale Tower, a two-building, 275k sf office property in Bakersfield, in a transaction valued at just under $40 mil ($145/sf). The project is composed of a 12-story, 177k sf building (Tower I), a five-story 98k sf building (Tower II) plus a four-story parking structure located nearby.
At 12 stories tall, the Stockdale Tower I building is the tallest office building in Bakersfield. Key on-site amenities of the project include a full gym, The Petroleum Club restaurant, panoramic city views, and free garage parking.
Located at 5060 and 5080 California Ave, both buildings were constructed in the early 1980s by Roy Carver of Carver Development for Shell Oil. The taller Tower I was approximately 70 percent leased at the time of sale, while Tower II was 88 percent leased.
Jeffrey Andrew, Patrick Thompson and Alex Balfour with Cushman & Wakefield | Pacific Commercial Realty Advisors in Bakersfield, an Alliance Partner of Cushman & Wakefield, represented both parties in the deal. C&W has been retained by the new owner to continue the leasing efforts for the project.
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