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4/03/17
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An unnamed SoCal investor in a 1031 exchange has purchased a multi-tenant industrial portfolio in Bakersfield for $24.1 mil. The six buildings, totaling 526k sf ($46/sf) of space, were sold by Adler Realty Investments Inc.
Adler acquired the 62% occupied property in 2013 from a lender who had taken the property back from the previous owner. Adler renovated the buildings, including the installation of additional loading docks, and successfully leased the project up to 92% occupancy.
Four of the buildings are located on Brundage St, off of route 58; and two are located on District Ave, a mile west of route 99. Current tenants include Crystal Geyser, Bimbo Bakeries, On-Trac, and Bilfinger Industries to name a few.
The sale of the project provided Adler’s investors a 20 percent annual rate of return (IRR) over the three-and-a-half-year ownership period. Adler continues to look throughout the western United States for other value-add opportunities. Patrick Barnes, Rich Putnam, and Bret Hardy of Colliers International represented both parties in this transaction.
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