Wednesday, March 20, 2013

$32.8 Million Government-Leased Office Complex Sold in Bakersfield, CA



100 East California Ave., Bakersfield, CA
BAKERSFIELD, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 100 East California Ave., a 166,565-square foot three-building office complex in Bakersfield that is 100 percent leased to Kern County, Calif. through 2028.

 There is no early termination clause in the lease.  The sales price of $32,825,000 equates to $197 per square foot.

Michael Lawrence

            Michael Lawrence, a senior vice president investments and Blake Bokosky, an associate, both in Marcus & Millichap’s Newport Beach office, represented the seller, an offshore investment company. Marty Cohan, a vice president investments in the firm’s West Los Angeles office, represented the buyer, an out-of-state private investor group.

Blake Bokosky
            “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.

The complex is located on approximately 17.4 acres at the prominent commercial intersection of East California Avenue and Union Avenue; 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.

Marty Cohan
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 156,874 square feet and the 4,199-square foot family visitation building were built in 1988. The administrative annex totals approximately 5,492 square feet and was added in 2006.

For a complete copy of the company’s news release, please contact:

Ben Johnson,
Marketing Director
(925) 953-1736

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