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2/10/20
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Cal Twin Towers, a 151.8k sf office complex at 4900 California Ave in Bakersfield, was acquired by Steve Blumer, a local investor, in a deal worth $26 mil ($171/sf). The property was sold by Adler Realty Investments Inc, out of Woodland Hills.
Adler acquired the property in 2005, completed a building renovation and then maintained high occupancy during its 15 years of ownership. Adler brought in signature tenants such as Omni Healthcare, Regus, Progressive Insurance and Principal Life. Adler recently upgraded the building’s energy systems, which included a solar installation with covered carports making it one of the most energy efficient buildings in Bakersfield.
Alex Belfour, Jeff Andrew, Scott Salters and Susan Moreno of Cushman & Wakefield represented Adler in the transaction. Adler continues to look throughout the western United States for other value-add office, industrial, and retail opportunities.
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