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| 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.
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| 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.
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| 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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